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MCX gold falls for the week as Treasury yields and Fed bets rise
October-delivery gold on MCX slipped to ₹1,50,891, after the US 10-year yield reached a 19-year high.
LiveMint Markets says MCX gold prices drifted lower over the week as traders pared back bullion exposure following hawkish signals from US Federal Reserve officials.
The outlet reports October-delivery gold closed lower in each of the last four sessions, dropping ₹3,500 per 10 grams for the week to ₹1,50,891, a reversal from the prior week’s ₹1,597 gain.
LiveMint Markets also points to rising bond yields as the main pressure on gold, citing concerns that the Fed could tighten further amid higher global inflationary pressures and elevated crude oil prices.
In Thursday’s trade, the US 10-year yield reached its highest level in 19 years, while the 30-year Treasury yield climbed to the highest since 2004, adding to the negative backdrop for gold.
Latest closeGold $4,320.50 ▲0.5%|WTI crude $92.44 ▼2.3%