The yellow metal has lost its luster for investors this week, with gold prices falling on the levels since early July 2020.
Gold futures for April amounted to $ 1,759 per ounce in Comex’s early trading, but recovered some losses later in the day. As of 14:09 GMT, the price of gold meters was about 0.4 percent higher at $ 1,781.60.
Spot gold also started Friday’s trading at low months. The price of precious metals fell to $ 1,760, the lowest since last year in July. However, it recovered later in the session and traded almost half a percent higher at $ 1,783 per ounce.
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The start of this year was a disappointing start for the precious metal, especially compared to 2020, when it achieved its best annual return in a decade and rose about 25 percent for the entire pandemic year.
Bullion prices have wiped out about six percent since early January, while more risky assets such as bitcoin have attracted more and more investors. At the same time, stronger dollars and hopes of economic recovery also contributed to the lack of interest in the traditional safe haven.
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The declining physical demand as well as disappointing sales of jewelry are among the major headwinds for the gold market, Bank of America said, as quoted by Business Insider. However, the bank has not changed its forecast for this year and expects gold prices to average $ 2,063.
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