Gold prices fall as dollar remains firm - GulfToday

Gold prices fall as dollar remains firm


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Gulf Today Report 

Gold prices decline on Thursday as the dollar gained, affecting its appeal and investors look to the passage of US stimulus package.

Spot gold dropped 0.6% to $1,822.01 per ounce by 03:30 GMT. US gold futures fell 0.6% to $1,823.90.

The dollar hanged close to a two-month peak on Wednesday and the benchmark 10-year Treasury yields jumped to its highest in three weeks. 


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Michael McCarthy, chief market strategist at CMC Markets said: "The rise in yields is telling us the central banks are working on how they will lift the interest rates and withdraw stimulus rather than the other way round."

A surge from cryptocurrencies recently has affected gold making it lose its appeal. Also, investors are waiting for the Bank of England policy decision due later today.

Focus also remained on a $1.9 trillion US coronavirus aid plan, which was pushed by the US House without Republican support.


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