Gold futures basis the most active June 2021 Comex contract opened on Monday morning in Australia at $1778.80 and today closed down – $5.50 and is currently fixed at $1776.50.
In the case of today’s fractional decline, it was an uptick in the yields of the U.S.
Even with strong tailwinds from dollar weakness today, gold prices were still unable to close positively on the day.
Concurrently gold prices over the last four trading weeks had risen from the second of a double bottom which occurred during the week of March 29 when gold traded to a low of $1677, to the high this week of $1798.80.
At the beginning of the week, gains were the result of a renewed concern of recent upticks in Covid-19 infections, pointing to a contraction in the growth of the global economy.