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Gulf Today Report
Gold prices dropped on Monday as the US dollar and global share markets firmed due to boost in economic outlook as stronger bond yields pressurize the metal.
Spot gold was down 0.1% to $1,730.48 per ounce by 03:40 GMT while US gold futures were also down 0.1%, at $1,728.10 per ounce.
According to Michael McCarthy, chief market strategist at CMC Markets, gold is likely to decline below $1,700 if the sell-off in bonds surges.
US Treasury yields held close to one-year highs reached on March 18, while the dollar began the week firmly as US economic strength and a vaccine rollout proceeding much more quickly than in Europe, drew investors into the greenback.
Markets await Joe Biden’s infrastructure spending package on Wednesday, it is expected to be in the range of $3 trillion to $4 trillion.
"Gold seems to be caught between inflation expectations and higher interest rates... the lack of movement in gold is reflecting that indecision in the market at the moment, and consequently there's very little action," McCarthy said.
Spot gold fell 0.6% to $1,885.81 per ounce by 0618 GMT, declining 4.3% so far in the month in what would be its worst monthly performance since November 2016. US gold futures were down 0.5% at $1,893.30.
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 was down 0.3% at $1,706.43 per ounce by 05:25 GMT while US gold futures were down 0.4% at $1,707.30 per ounce.
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