Gold Drops a Fifth Day as Bond Yield Rally Delivers ‘Fatal Blow’
- Further losses may come following metal’s death cross pattern
- Stronger U.S. economic data curbs appeal of gold as a haven
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Gold fell to the lowest in more than two months as a stronger dollar and better-than-expected U.S. economic data diminished the appeal of the metal as a haven.
U.S. retail sales surged in January by the most in seven months, beating all estimates and suggesting fresh stimulus checks helped spur a rebound in household demand. Production at manufacturers also rose by more than forecast, a fourth straight monthly advance that shows factories continue to recover from pandemic-related disruptions.