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GOLD
Gold futures were down 0.63% to trade around $1,690 an ounce. Gold prices dropped to their lowest since Jun. 8, 2020.
The precious metal posted its worst monthly decline since 2016 as gold prices broke below the $1,750 support.
At the time of writing this report, the blinky metal at the futures market was trading at $1,796.40 per ounce.
The bullion asset regained its lustre after a 2.2% drop recorded in the past week,
Recent price actions reveal it was their lowest since November 30, 2020, as gold prices have plunged by 3% in the week to date
With the prevailing situation of record losses, it would be gold’s worst run since March 2020.
Gold prices drifted slightly lower at the first trading session of the week after U.S. Treasury yields soared to their highest in nearly 11 months.
Gold traders are going long after Biden shrugged off warnings that the economy may overheat as a result of the $1.9 trillion stimulus deal
Gold futures settled up $1.2%, at $1,813.05 after it had dropped as low as $1,784.60 on Thursday.
Gold futures traded $1,826/ounce losing about 0.50% in value amid a social media-driven rally that was in play in the past few days.
Spot gold dropped by 0.3% to $1,839.37 an ounce after ending 0.4% lower on Wednesday.
The U.S dollar index jumped up by 0.69% to 90.743 on Wednesday, after a 0.2% decline the previous session.