Gold is set to record its worst performance in six years, although prices continued to exceed the important level of 1,800 dollars an ounce (an ounce) in limited trading on Thursday, as the falling dollar faced pressure due to the increase in US Treasury yields.
And gold fell in spot transactions 0.1 percent to $ 1801.40 an ounce by 0353 GMT.
US gold futures fell 0.2 percent to $1,802.30, according to “Reuters”.
“This kind of swing up and down that has been seen over the last 48 hours is indicative of a lack of any of the specific fundamental catalysts,” said Ilya Spivak, currency analyst at DailyFX.
Spivak explained that the first week of January will provide indications of direction because gold is believed to be stuck between how fast and where inflation is moving, and what the US Federal Reserve does to contain it and by how much.
Gold prices hit their highest level in a month on Tuesday, but fell to their lowest level in a week in the next session before closing unchanged, and were on track to achieve their largest annual percentage decline since 2015.
Yields on benchmark 10-year US Treasuries were flat near a month’s peak, raising the opportunity cost of holding non-yielding gold.
As for other precious metals, silver fell 0.5% to $ 22.70 an ounce, platinum fell 0.3 percent to $ 964.96, and palladium fell 0.5 percent to $ 1973.75, all of which are heading to record their worst performance in several years.
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