Sun. Jan 29th, 2023

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Gold prices dropped

1 min read

Gold bars

Gold slipped on Monday and was on track for its worst month in four years, as optimism over a coronavirus vaccine-led economic rebound that propelled equities to record highs dulled the metal’s safe-haven appeal.

Spot gold fell 1.2% to $1,766.26 per ounce by 0301 GMT. Gold is down 5.9% so far this month, its biggest monthly decline since November 2016.

U.S. gold futures dropped 0.5% to $1,772.60.

“Vaccine inspired optimism about an economic bounce is really eroding the attraction of safe-haven investments like gold … the breach of $1,800 is feeding into the market imagination and appears to be another trigger,” said Michael McCarthy, chief strategist at CMC Markets.

Vaccine optimism drove the dollar to a more than two-year low and put world stocks on course for a record month of gains.

Also bolstering risk sentiment was data that showed China’s factory activity expanded at the fastest pace in more than three years in November.

Investors now eye testimony Congressional by U.S. Federal Reserve Chairman Jerome Powell this week, for clues on the likely direction monetary policy might take.

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