COMEX Gold futures pulled back yesterday after an impressive upswing on Monday. The COMEX Gold futures had hit a two-week high of $1798 per ounce amid good buying support but flipped back as talks of rising US interest rates weighed on the metal. The counter fell under $1780 per ounce, losing nearly 1% on the day. US interest rates may need to rise to prevent the economy from overheating as more of US President Joe Biden's economic investment programs come on line, US Treasury Secretary Janet Yellen noted yesterday. There are sustained worries on the local demand front even as the spike in daily Covid-19 cases appeared to ease after hitting the 4 lakh per day mark over the weekend. The surge is still alarmingly high and is keeping business and consumer sentiments under severe stress.
Powered by Capital Market - Live News