Gold prices drop over strong economic data from key international markets
Gold futures plunged by 0.38% to $1,874.75 an ounce.
Gold futures plunged by 0.38% to $1,874.75 an ounce.
Traders are anticipating more stimulus packages under a blue party in power, and a more dovish central bank approach.
A rapid rise in U.S tech stocks saw the precious metal losing its shine.
Spot gold, known for tracking bullion prices in bullion, gained 1.8% to settle at $1,928.31.
The precious metal retreated immensely from the two-week high that it finished with some days ago.
Gold futures edged up 0.46% to trade at $1975.30
Prices of gold futures dropped below $1,980, a crucial support level thanks to the dollar’s recent strength.
The rush for gold by global investors has been boosted by a weakened greenback.
Gold futures dropped slightly lower to trade at $1,808.65, losing about 0.07%.
Gold still targets $1,831, as it has broken a resistance at $1,796 per ounce.