Gold continued its decline in European trade to retest the psychological $1800 level. The precious metals continued decline this morning was surprising given a declining US dollar index and retreating US Treasury yields. Yesterday saw gold print a fresh high around $1833 before a rally in the dollar index coupled with technical hurdles pushed price down toward the $1814 level.
Developments out of China could be partly to blame for the continued decline in gold prices. China being one of the largest commodity buyers globally has relaxed a lot of covid protocols recently sparking hope that demand for commodities will increase as more restrictions are lifted.
