Gold is down today, for the third session out of four. The precious metal, which earlier this month energetically burst through $2,000 is back below that level at time of writing.
As market hopes for the much-anticipated, additional US government stimulus package faded yesterday, the value of the dollar suddenly increased and yields jumped for a fourth day, scratching the underside of 0.7%. All of which has weighed on the precious metal which provides no yield.
After gold broke record after record last week, we've been warning that profit-taking would surely follow, but the realization that markets had already priced in more stimulus funding—which was no longer rapidly forthcoming—added fuel to the fire sale.
Gold Daily