Can gold price drop below $1800 next week? Here is what’s behind the shocking selloff – Kitco NEWS
(Kitco News) Precious metals investors were taken for a ride Friday when gold and silver plunged 4% and nearly 10%, respectively.
The increases in the U.S. Treasury yields and the U.S. dollar were the main reasons behind this massive selloff, analysts told Kitco News on Friday.
Gold saw a daily loss of $80 at one point, with February Comex gold futures last trading at $1,836.60, down 4.02%. At the time of writing, the 10-year Treasury yield climbed above 1.1%.
Despite massive daily losses, the move…