Gold Prices Decreased 20 US Dollars

Rancakmedia.com – Gold prices declined at the end of trading on Monday 29 March 2021 time at Tuesday morning WIB. Just over one percent to its lowest level in more than two weeks.

The precious metal's weakness was offset by a stronger US dollar, and increased yields on US treasury bonds eroding the yellow metal's safe-haven asset magnetism, pressing bets on a rapid recovery in the US economy.

The most active gold contract for April delivery on the COMEX section of the New York Stock Exchange fell $ 20.10, or 1.16 %, closing at $ 1712.20 an ounce after hitting the 1705 level, down $ 75, COMEX Gold depreciation. Biggest day since March 18.

The price of gold fell 20 US dollars. "A bullish gold market needs essential support," said Jim Wyckoff, senior research fellow at Kitco Metals. He explained that a strengthening US dollar and rising yields limited interest in buying gold.

The US dollar index nears the key 93 level adding fresh emphasis on gold. The stronger dollar index of its core competitors makes gold less attractive to investors holding other currencies.

"The rapid recovery of the US economy with increasing volumes of vaccines and information from US President Joe Biden this week has had a negative effect on gold prices in the short term," said Wyckoff. Biden will release details of his infrastructure shopping package on Wednesday (31/3/2021), which could be between $ 3 and 4 trillion.

Why Gold Prices Decline

Higher returns countering gold's status as an inflation hedge, as it makes for a bigger downside opportunity to hold non-yielding gold, the US 10-year yield is near 1.7 %.

"Neither the US 10-year Treasury yields nor the dollar can be said to be very high for the day, but gold hasn't witnessed any significant movement in either direction over the past week so the current downward slope may be too much," said Philip Pakar. constant precious metal tactic on Blueline Futures in Chicago.

Why Gold Prices Decline

"Gold can fall below $ 1,700, but it should recover," he continued. "We see that there is almost no room for gold prices to increase significantly until the middle of the year, even though gold will achieve significant gains in the second half of this year," noted several studies in Commerzbank in a US dollar note.

While other precious metals, silver for transport in May, fell 34.3 cents or 1.37 % to $ 24.771 per ounce. Platinum for July delivery was up 2.40 TP3T, or 0.2 %, to close at $ 1,184.10 per ounce.

FAQs

How to Know the Price of Gold

The next way to find out if the price of gold is going up or down is by checking the Harga-emas.org website. On this page you can see universal gold prices starting from Antam Gold, UBS to World Gold.

Is Gold Investment Profitable?

One of the reasons gold can be such a profitable investment is that it is very liquid. Compared to most other assets, gold has a fairly high level of liquidity. Turning it into cash is very easy because gold has a high value.

Why Is Gold So Expensive?

Inflation is one of the main factors driving commodity prices up, which also affects gold prices. The higher the inflation rate, the more expensive the price of gold.

Conclusion

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