Gold falls on stronger dollar.
Gold continues to fall today as the possibility of higher U.S. interest rates supports the dollar. Dollar received significant support after “Treasury Secretary Janet Yellen said that rates need to go up higher at some point of time. The key question is how fast they will rise as the Federal Reserve has remained quite dovish.” This is diverting the flows from the gold into a higher yielding U.S. dollar. Higher interest rates dull gold’s appeal as it increases the opportunity cost of holding non-yielding gold bullion. The other factor adding to the bearish pressure on gold is the latest report that the new covid-19 infection rates are stabilising in India – which is improving the risk sentiment globally and leading to more long gold covering.
Except sellers on upward corrections.
Next support to watch – 1765.00
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