Gold Price News and Forecast: XAU/USD drops below $1,740 despite USD selloff
|Gold Price Analysis: XAU/USD stays depressed below $1,750 amid mixed sentiment
Gold remains pressured around $1,736 amid the initial Asian session trading on Thursday. The yellow metal dropped for three days in the last four even as the US dollar index (DXY) remains dismal around a one-month low. The reason could be traced from vaccine jitters as well as a lack of major news in the market.
Although DXY dropped to the lowest since March 18, gold stays pressured as markets remain unimpressed by a lack of major data/events as well as the market’s wait for US President Joe Biden’s $2.25 trillion infrastructure package.
Gold Price Analysis: XAU/USD drops below $1,740 despite USD selloff
After edging higher to $1,750 area earlier in the day, the XAU/USD pair lost its traction during the American session and was last seen trading at $1,735, losing 0.45% on a daily basis. Despite the broad-based selling pressure surrounding the greenback, a more-than-1% increase seen in the benchmark 10-year US Treasury bond yield is making it difficult for gold to attract investors.
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