Gold Set For Biggest Quarterly Drop In More Than Four Years On Strong U.S. Dollar And Treasury Yields

International Monetary Fund Managing Director Kristalina Georgieva said they would raise their global economic growth forecasts for 2021 and 2022. It is mainly because of the increased fiscal spending in the U.S. and the possibility of vaccine-powered recovery in other developed countries. The new forecasts would be released next week.

In a related development, the holdings of the largest gold-backed exchange-traded fund in the world, SPDR Gold Trust, grew by 0.1% from 1,036.62 tons on Friday to 1,037.50 tons on Monday.

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