NEW YORK: Gold
Spot gold was down 0.1 per cent at $1,695.22 by 11:50 am ET (1650 GMT), after falling to its lowest since June 8 at $1,686.40 in the session. It has fallen nearly 2pc this week. US gold futures slipped 0.4pc to $1,693.10.
“The gold market is giving back the pandemic gains. The drop below $1,700/oz leaves the market looking fragile,” HSBC said.
However, his comments disappointed gold investors who expected him to act on the recent surge in the US 10-year Treasury yield, which has sent bullion below $1,700 per ounce.
Published in Dawn, March 6th, 2021