Awful! The value of gold is declining at the beginning of the week - Kakiforex.com - Financial Market Media No. 1 in the World Awful! The value of gold is declining at the beginning of the week Awful! The value of gold is declining at the beginning of the week

July 19, 2021

Awful! The value of gold is declining at the beginning of the week

 Gold trading started gloomily earlier in the week by continuing to record declines early in the European session, as the strength of the US dollar weakened holdings on the precious metal for holders of other major currencies.


Entering the European session, gold was down around $ 1,806 an ounce, while gold futures traded 0.4% lower at $ 1,807 an ounce.


Although the 10 -year US treasury yield fell low below the 1.3%level, however, gold prices failed to capitalize on the opportunity to rise due to the strong US dollar.



The US dollar continued to strengthen at a 3 -month high against most major currencies, after gaining support from encouraging US retail sales data readings.


US retail sales reportedly returned to growth in June with an increase of 0.6% from a revised 1.7% contraction in May, and far exceeded market expectations for a 0.4% decline.


Meanwhile, market concerns over the growing spread of coronavirus outbreaks around the world have also helped strengthen the greenback dollar as a safe-haven.


However, pressure on rising inflation remains, causing gold trading to remain above the $ 1,800 per ounce price level.