Gold Spot Below $1852, Door Open $1780 — $1740 – Neal Bhai Reports

Gold Spot Below $1852, Door Open $1780 — $1740. Gold and silver prices suffered steep losses on Friday, tracking a sharp decline in global rates. On MCX, February gold futures slumped 4% or ₹2050 to ₹48,818 per 10 gram while silver futures tanked ₹6,100 or 8.8% to ₹63,850 per kg. In global markets spot gold dropped nearly 4% to $1,833.83 per ounce as a jump in US Treasury yields hammered bullion’s safe-haven appeal.

Read moreGold Spot Below $1852, Door Open $1780 — $1740 – Neal Bhai Reports

Broad Risk-on Sentiment Weighed on the US Dollar, Buying Precious Metal Prices

Precious Metal Prices

Precious Metal Prices : Gold prices rallied as much as 1% on Monday after President Trump signed a $2.3 trillion bill that contains $900 billion in pandemic relief aid and $1.4 trillion in government spending to fund federal agencies.

Read moreBroad Risk-on Sentiment Weighed on the US Dollar, Buying Precious Metal Prices

Spot gold Prices Have Been on The Front Foot in Recent Trade

Spot Gold

Spot gold prices have been on the front foot in recent trade, with a boost coming at 13:30GMT in the form of slightly softer than expected US Consumer Price Inflation numbers. Spot gold popped above the $1840 level and Wednesday Asia session highs at $1842, but has so far failed to break above $1850. As things stand, the precious metal trades with gains of close to $8 or 0.5% on the day.

Read moreSpot gold Prices Have Been on The Front Foot in Recent Trade