Gold is being watched closely amid widespread markets expectations of an economic rebound and rise in interest rates, which don’t bode well for the metal.
Since then, it has experienced volatility, with the price rising amid pessimism over new waves of Covid cases and falling on optimism over vaccines and the reopening of the global economy.
On Thursday morning, spot gold was trading at $1,777.2 per ounce, while silver was trading at $26.26 per ounce.
Higher interest rates make gold less attractive to investors as gold is a nonyielding asset.