Gold struggled to gain traction on Monday and was stuck near the $1,820 level as prospects for a vaccine and stimulus-fuelled economic recovery eroded its safe-haven appeal. On top of that, the US Treasury bond yields remained elevated amid firming expectations for a massive US fiscal spending, which, in turn, drove flows away from the non-yielding bullion. However, more treasury spending will increase the US budget and current account deficits, pushing investors into gold to protect their portfolios from inflationary risks.
