Low global gold prices due to strong economic data



Global gold prices fell by about $ 20 during trading today, Wednesday, due to the rise in US bond yields and strong economic data that the US private sector added 117,000 jobs during last February.

According to Wall Street, the price of gold futures contracts for April delivery fell by 1.1%, or the equivalent of $ 19.90, to $ 1,713.70 an ounce, by 2:00 pm GMT.

At the same time, the spot price of the precious metal decreased by 1.3% to $ 1,715.16 an ounce, and the main dollar index, which measures the performance of the US currency against a basket of 6 major currencies, increased by 0.3 percent to 91.02.

The rise in US bond yields has reduced the metals’ appeal, although they are below their one-year highs recorded last week.

Investors are awaiting the development of the $ 1.9 trillion stimulus bill, which will be discussed in the US Senate this week, after its approval by the House of Representatives.

Gold prices rose globally at the end of trading on Tuesday, for the first time in 6 consecutive sessions, and coincided with the decline of the US currency.


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