Gold Off Seven Week Low In Asia

Published on Sep 29, 2021 11:38

COMEX Gold fell sharply in the last session as rising US treasury yields weighed on the commodity after a break under $1750 per ounce earlier this week. The US 10-year Treasury yield hit above 1.5%, rising to its highest level since June, as investors fret about the prospect of the Federal Reserve raising interest rates sooner than expected to control inflation. The US Federal Reserve Chair Jerome Powell stated that inflation will remain elevated in the coming months before moderating in his remarks to the Senate Banking Committee. The shiny metal tested seven week lows near $1730 per ounce amid these cues. Weakness in equities capped some downside for Gold. Traders also eyed a revival in Indian retail demand in the coming festive season.