Gold Stays In Recovery Mode

Published on Mar 16, 2021 12:06

Gold saw steady recovery yesterday as a bounce above $1700 per ounce mark extended. The US dollar saw modest gains but overall movement was choppy after the index recovered from a one week low. The US Treasury Secretary Janet Yellen said US inflation risks remain subdued as the Biden administration pumps $1.9 trillion in pandemic relief into the economy and a return to full employment comes into view. The US dollar index currently trades flat at 91.80 mark. Gold traders are keeping a watch on Indian demand after recent slide took prices near one year low in retail markets. COMEX Gold futures are currently quoting at $1733 per ounce, up 0.26% on the day. The metal had hit a one week high near $1740 per ounce last week before easing.