Gold falls on hopes for AstraZeneca COVID vaccine.
Gold under the bearish pressure today as the risk sentiment improved globally after the WHO Europe urged countries to keep using AstraZeneca COVID vaccine – relieving the fears that the stopping the vaccination by the top approved vaccine would hurt economic recovery globally. The benefits of AstraZeneca’s COVID-19 vaccine far outweigh any risks – the World Health Organization’s European director Hans Kluge said on Thursday. The other persistent factor affecting gold’s price is the rising U.S. Treasury yields and a stronger dollar – which lowered demand for the safe-haven metal. The benchmark U.S. 10-year Treasury yield rose to 1.74% for the first time since January 2020, while the dollar gained 0.3% against its counterpart currencies. The U.S. Federal Reserve on Wednesday said the U.S. economy was on track for its fastest expansion in nearly 40 years – which improved investor sentiment and made the investors close some of the save-haven gold longs previously initiated.
Expect sellers on upward corrections.
Next support to watch – 1700.00
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