The gold price continued to drop this week, falling below the US$1,700 per ounce mark for the first time in 2021.
It resided there at the time of this writing on Friday (March 5) afternoon.
Once again, the precious metal‘s decline has been blamed on factors including a stronger US dollar and better US Treasury yields.
The ten years Treasury is a closely watched indicator, and results have been increasing fairly steadily this year; they rose above 1.6 percent this week.
Treasury yields move inversely to Treasury prices, and prices for the government bonds took a hit on Thursday (March 4) as US Federal Reserve Chair Jerome Powell said the central bank wants to see inflation “sustainably above 2 percent.” At this time, he doesn’t expect that to happen this year.
Of course, cryptocurrency has enjoyed a significant run over the last few months, reaching new all-time highs in February and attracting attention from mainstream investors.
We, at Tavex, recommend you book a meeting with one of our gold experts to hear more about how to keep your assets safe.