23.02.202112:03 Forex Analysis & Reviews: Gold managed to break through $ 1,800 mark

Gold successfully broke through the psychological level of $ 1800 an ounce at the close of trading on Monday. Therefore, it recovered from the frightening 2% decline during the past week.

Here, the price of the April futures for the main precious metal rose by 1.46%, that is, to $ 1803.55 per troy ounce on the New York Stock Exchange COMEX. At the same time, March silver futures also increased by 1.79%, namely to $ 27.73 per ounce. May copper futures gained by 1.64%, particularly to $ 4.1445 per pound as well.

On the other hand, futures for the USD index, which reflects the ratio of the US dollar to a basket of six major currencies, plunged by 0.42% and reported the level of 89.987.

During the previous week, gold's price declined by more than 2% due to the impressive growth of the yield of US government bonds and the strengthening of the US dollar. In this case, its price updated the low since November last year at $ 1,766.6 per troy ounce.

However, on Monday, concerns about an increase in the inflation rate in view of the global economic recovery supported gold. Recently, investors continuously live with the anticipation for stimulus measures that will support the US economy, but also worry about a wave of general risk flight in global markets.

From the point of view of technical analysis, the US dollar is slightly declining, which supports the quotes of gold.