Gold Prices Slip On COVID-19 Treatment Revelation

Gold Prices Slip On COVID-19 Treatment Revelation

On Monday, the gold prices witnessed a plunge due to the revelation of the blood plasma related treatment of the COVID-19 authorised by the US. Besides, the strengthening of dollar culled down the rally of the precious metal.

However, the dip in gold was capped by the news of Jay Powell, chairman Federal Reserve presenting stringent diagnosis of the US economy at the Monetary Policy Framework Review called by the central bank annually during the ongoing pandemic.

Notably, Benchmark December gold futures (BDGF) settled down to $1,939.20 per ounce on Comex, which is 0.4% or $7.80 down. The session’s low was 1,932.50, and high remained $1,970.30

Meanwhile, spot gold of price was down at $1,928.03 by 0.7 per cent or $12.33 (GMT 19:00).

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