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Gold Saw Worst Monthly Decline In 4 Years In Nov As Risk On Sentiment Gets Boost

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The news from major pharma companies points to their success in vaccine trials and amid it gold has been seeing the worst decline in more than 4 years.

After the MCX trading began late on Monday, it retreated lower by almost 1% and closed at Rs. 47763 per 10 gm. This is as the safe haven appeal of the yellow metal took a toll as economic recovery hopes give wings to risk-on sentiment.

Gold Saw Worst Monthly Decline In 4 Years In Nov As Risk On Sentiment Gets Boost
 

In the month of November, gold shed a steep over 5 percent. In the international markets, gold has been dragged to its lowest in 4 months to $1775.11 per ounce.

"Vaccine-inspired optimism about an economic bounce is really eroding the attraction of safe-haven investments like gold," said Michael McCarthy, chief strategist at CMC Markets.

Further, gold has been seeing the fall despite the decline dollar which is also dragged to a more than 2-year low. "Gold looks bearishly biased and I don't see any signal of a trend reversing anytime soon," said Margaret Yang, a strategist at DailyFX.

Though gold has reached over-sold territory, the overall trend is so bearish that a technical rebound may not last for long and be sustainable, she added.

GoodReturns.in

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