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Gold Strained by Concerns of Scaled-Down Monetary Stimulus

August 9, 2021 by Forex Winner Leave a Comment

Gold Strained by Concerns of Scaled-Down Monetary Stimulus

Source: Bloomberg

Gold prices fell on early Monday trading, as investors considered the possible tapering down of monetary stimulus by the US Federal Reserve.

  • Spot bullion fell over 4% or $60 in a matter of minutes before paring down losses.
  • The initial drop tapered down, with the bullion down 1% to $1,745.31 an ounce by 12:20 p.m.
  • Prices are still hovering among four-month lows after the strong employment data released Friday.
  • Futures trading surged with over 3,000 contract changes in a minute.
  • The crash came after the technical support and stop-loss levels were hit, with liquidity down as Japan and Singapore went on holiday.
  • Analysts believe gold recovered on the back of bargain hunting.
  • Investors now expect the Federal Reserve to cut down its bond-buying program, raising concerns of a possible rate hike in 2022 and 2023.

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