Green buck outshining the yellow metal. The price of gold has declined sharply after it reached $1345 per troy ounce earlier this month, as the USD started recovering on strong fundamentals. Better than expected economic…
The price of gold has declined sharply after it reached $1345 per troy ounce earlier this month, as the USD started recovering on strong fundamentals. Better than expected economic numbers this week has pushed the USD higher and the gold lower.
According to data released last night, the U.S. economy expanded 2.6 percent in the fourth quarter on a quarterly basis. This was the best economic number in the fourth quarter in 14 years.
Soft data was optimistic as well. U.S. consumer confidence reached new heights, as per the survey report released earlier.
It seems more and more evident and U.S. economic growth is decoupling from the rest of the world.
Gold is currently trading at $1306 per troy ounce. It is down by almost $40 per troy ounce. However, our calculations suggest that further pain could be in store for the gold bulls.
The yellow metal is likely to decline towards $1275 per troy ounce area before any significant buying takes place.
Gold prices edged lower on Monday as stronger-than-expected U.S. nonfarm payrolls data dampened hopes for aggressive Federal Reserve rate cuts, bolstering the dollar. Spot gold slipped 0.1% to $2,686.32 an ounce, while F…
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