COMEX Gold stayed slippery today as a sustained rise in the US 10 year treasury yields weighed on the commodity. The yellow metal flipped back from a near six week high of $1830 per ounce as the minutes of the latest US Fed meeting showed that Fed officials plan to start reducing the amount of bonds it is holding on its balance sheet. Some officials even said that the balance-sheet reduction could start sometime after the Fed starts raising interest rates. Gold was hit hard after this release and pulled back further today as the US 10 year treasury yields raced up to two year high above 1.70% mark. COMEX Gold futures are currently trading lower by 1.34% at $1800 per ounce. MCX Gold futures are trading at Rs 47659 per 10 grams, down 0.75% on the day as a slide under Rs 48K extended.
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