Gold Holds Steady as Dedollarization Picks Pace
The price of gold remained unchanged as the week began, after it experienced a brief drop below $3300 an ounce in the last few days. Similarly, the precious metal’s price in euros and pounds dropped slightly to €2902 and £2443 per ounce, respectively. With immigration raids progressing across the country and concerns about America’s budget deficit growing, traders and investors are awaiting results from this week’s scheduled auction of Treasury bonds to get a feel of the market’s demand for America’s debt. UBS Head of G10 FX strategy, Shahab Jalinoos, explains that the dollar may weaken even as bond yields…
