Gold is falling for the second day in a row ... You know the biggest drop in 7 years
Gold plunged more than 2%, dropping from the important level of $ 1900 an ounce for the second day in a row, as today's rise in the dollar forced investors in the precious metal to reassess their positions after a record high price rise, after gold recorded the largest decline In one day in more than seven years yesterday, Tuesday, stocks rose and the dollar rose.
Gold fell in immediate transactions today, 2.5%, near its lowest level in three weeks of $ 1863.67, to resume its free fall after it stopped falling for a while in early trading. Gold fell 1.6 percent to 1,881.55 dollars by 05:40 GMT, extending its losses after tumbling 6 percent on Tuesday.
US gold futures fell 2.8 percent to $ 1892.
Silver prices fell 3.3 percent to $ 23.96 an ounce, after falling 15 percent in the previous session.
"It appears that some recovery is emerging from the gold market," said Kyle Roda, an analyst at IG Markets. It appears that it is possible now to test the support level at $ 1,800.
"A lot depends on US revenues and the factors driving them at the moment. Also, the strength of the dollar is very important for us to monitor over the next few days and weeks," he added.
And a jump in US Treasury yields helped the dollar to continue its winning streak, increasing the cost of gold to holders of other currencies. Higher returns also increase the opportunity cost of holding the yellow metal that does not generate a return.
As for the other precious metals, platinum fell 0.3 percent to $ 927.60, while palladium rose 1.1 percent to $ 2,133.49.