Gold slips on encouraging US data

Gulf Today Report 

Gold prices dropped on Wednesday due to strong United States data and a rise in COVID-19 vaccinations boosting hope for quick economic recovery.

Spot gold was down 0.3% to $1,737.75 per ounce by 03:54 GMT while US gold futures slipped 0.3% to $1,738.60 per ounce.

Stephen Innes, chief global market strategist at Axi said, "gold is being pressured by a little bit of profit-taking after a series of strong US data that indicated a quick economic recovery."

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