Gold Slips Near $1930 amidst Rising Treasury Yields; Focus on Powell

Published on Oct 17, 2023 14:01

Gold prices slipped near $1930 per ounce today, extending recent losses, as stronger Treasury yields, including the 10-year US yields rising above 4.7%, exerting downward pressure on the precious metal. Investors are closely monitoring upcoming comments from Federal Reserve officials, with Fed Chair Jerome Powell`s speech in the spotlight, as they seek insights into the future of US monetary policy. Nonetheless, gold continues to find support from safe-haven demand amid concerns about a broader conflict in the Middle East due to the Israel-Hamas war. Domestic gold futures for December delivery were seen trading at Rs 59165 down with mild losses. The metal has come up smartly after hitting the low of Rs 56565 earlier this month following sharp rally in US dollar. On data font this week, India is set to reveal WPI inflation data and the global front, noteworthy events include inflation reports from the UK and Eurozone, China`s Q3 GDP figures, and trade data from the Eurozone and Japan.