NEW YORK (Dispatches) - Gold prices fell for the second straight week on rising Treasury yield and firm U.S. dollar.
The precious metal has been consolidating in a $50 range for the last month between $1,780-1,830 and a break on either side of the given range will give further direction.
The yellow metal fell in four of the five trading sessions on the MCX and ended the week. Comex gold, on the other hand, declined $45.15 or 2.46 percent during the week.
The bullion metal has been trading lower than its 5, 20, 50, 100, and 200 days’ simple moving averages and exponential moving averages on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 43.30, which indicates a weakness in prices and MACD is below the Zero Line, indicating bearishness in the price.
The number of Americans filing new claims for jobless benefits fell by 35,000 to a pandemic low of 310,000 for the week ended September 3.
European Central Bank (ECB) said it will reduce the PEPP (pandemic emergency bond-purchasing program) in the coming quarter that has cushioned the impact of the coronavirus crisis and keep credit cheap in the eurozone.