Gold prices decline for the first time in 3 sessions due to the US dollar rise

Last Updated on April 7, 2021

Gold Price Outlook – 6th April 2021

Gold prices decreased during the trading session today on Monday in the European market, to approach the record of its first daily losses in the last three sessions. This decline came as a result of the rise in the levels of the US dollar against most world currencies according to the inverse relationship between them and puts pressure on commodities prices now. Investment demand levels for the metal as a safe haven are slowing down.

Gold prices are trading in a limited range

Gold fell during immediate transactions by about 0.4% until 09:15 GMT, trading the price of an ounce around the level of 1621.31 US dollars, from today’s session opening level at 1628.51 dollars, and early in the session reached the highest price at 1629.96 dollars per ounce.

XAUUSD Chart - 5th April 2021

While gold settled in US futures unchanged to remain at the level of 1635 dollars an ounce.

In terms of trading on Thursday before the Easter holiday on Friday, the precious metal “gold” managed to end the session, rising by 1.2% in the second consecutive daily gain, to trade prices again above the barrier of $ 1700 an ounce.

But over the past week’s trading, gold prices lost 0.25%, thus recording their second consecutive weekly losses, as prices have been affected recently by investors ’focus on buying the US dollar.

Regarding other precious metals trades, silver fell by 1.1% to $ 24.70 an ounce, and palladium fell 0.8% at $ 2645.98, while platinum lost 0.1%, recording $ 1208 an ounce.

 

Professional Trader and Analyst, economist in Financial and Forex marketsince 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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