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June 14, 2021

Bloody Gold Trading!

 Gold plunged lower at the start of trading earlier in the week, amid demand for the US dollar rebounding following positive data readings.

US consumer confidence beat market expectations by posting a stronger reading, while the number of jobless claims fell to lower levels before the pandemic.

The US inflation rate also rose sharply in May, making it the biggest annual increase in nearly 13 years even though the reading recorded was slightly lower than the previous month.

The gold -priced metal at first gained support from this reading, but returned lower following the US dollar’s ​​rebound at the end of the week.

The decline further continued into the Asian session, with the yellow metal trading weakly around a nearly two -week low of $ 1,865 an ounce. Gold futures were down $ 1,867 an ounce.

The market focus is now on the FOMC policy meeting which will be a key determinant of the further direction of gold trading.

Uncertainty ahead of the FOMC meeting has also led investors to increase demand for the greenback safe-haven as a precautionary measure.