Dollar strength is pushing gold down even further, falling for a fourth straight session the yellow metal is now near a 1 year low in the Indian markets. Hovering around the Rs 44,000/10 gram mark gold prices are down more than Rs 12,000 from their recent high of Rs 56,000/10 gram.
Globally as well gold prices at down near 2 week lows as dollar strengthens against all currencies. Dollar surged to a one year high vs the Yen and pushed the Rupee to a 3 week low as markets await the next announcement from US President Biden.
Biden will release details on a infrastructure spending package that could be between $3 and $4 trillion on Wednesday.