Gold tumbled yesterday, with the benchmark contract declining to as low as 1372.1 before recovering to 1383.2 at close. Over the past 2 days, the yellow metal has corrected almost 50% of the gains made since mid-November. Strength in US dollar and rise in Treasury yields continued to be the main reasons for the profit-taking. While the near-term outlook may lead to further decline in gold prices, we do not believe the uptrend has ended.
Originally posted here:
Correction in Gold Accelerates as USD and Treasury Yields Soar
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