Gold saw choppy moves last week though overall sentiment was supported amid falling Covid-19 cases in India. The festive season also kicked off and overall undertone on the economic front remained optimistic, keeping outlook for retail Gold demand steady. The yellow metal consolidated around $1760 per ounce mark on these cues despite soaring US treasury yields. World Gold Council (WGC) stated in a latest update that Gold fell 4% in September, driven lower by higher US yields as well as small negative contributions from futures positioning and US dollar strength. But gold wasn't the only asset class to fall, treasuries, corporates, US- and non-US equities all fell in September, possibly because of deleveraging. Gold's short-term performance will likely remain choppy as markets continue to assess how upcoming economic data might impact central bank policy decisions.
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