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Gulf Today Report
Gold prices slump on Monday in what is likely to be its worst in four years, due to investors taking up riskier assets as hope for the vaccine to revive the economy increases.
Spot gold declined about 1% to $1,771.22 per ounce by 04:52 GMT, shedding 5.7% so far this month - its biggest since November 2016.
Michael McCarthy, chief strategist at CMC Markets said, “vaccine-inspired optimism about an economic bounce is really eroding the attraction of safe-haven investments like gold.”
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Adding, the unfortunate fall of gold below $1,800 was another trigger for the sell-off.
Investors are waiting for congressional testimony by US Federal Reserve Chairman Jerome Powell this week.
Gold serves as a shield against inflation and currency debasement.
Silver slipped 2.9% to $22.03, platinum fell 0.5% to $959.13 and palladium was down 0.2% at $2,420.36.
Spot gold was steady at $1,772.14 per ounce by 0703 GMT, just $6.92 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.3% to $1,787.30. Bullion, with quarterly gains of more than 12%.
Spot gold hit its highest since early October 2012 at $1,788.96 in early trade, and by 0958 GMT was at $1,787.31 per ounce, up 0.4%. U.S. gold futures were up 0.3% at $1,805.10 per ounce.
Spot Gold rose 0.2% to $1,945.56 per ounce by 0918 GMT. US Gold futures rose 0.3% to $1,954.20 per ounce.
Spot gold fell 0.3% to $1,853.85 per ounce by 928 GMT. US gold futures were down 0.5% at $1,856.40.
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after Opec and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.
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The US employers added a robust 379,000 jobs last month, the most since October and a sign that the economy is strengthening as confirmed viral cases drop, consumers spend more and states and cities ease business restrictions.
Retail consumers in India continued to buy up physical gold this week as prices retreated to a near one-year low, while lower rates also injected fresh activity in other hubs, especially Singapore.