Fundamental analysis
07 April, 2021
Gold prices fell on Wednesday, from a two-week high hit in the previous session, as an array of strong data from the United States and increased COVID-19 vaccinations lifted hopes of a quick economic recovery, weighing on the metal's safe-haven appeal. Gold prices made a steady climb on Tuesday as long term treasury yields fell and the US Dollar weakened. Bullion prices had jumped on Tuesday to their highest since March 25 at $1,745.15, as U.S. Treasury yields fell and the dollar slipped to a two-week low against a basket of currencies. The International Monetary Fund also raised its outlook for global economic growth, forecasting worldwide output would rise 6% this year. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4% to 1,029.04 tonnes on Tuesday from 1,032.83 tonnes on Monday.
