COMEX Gold pulled back yesterday after an impressive upswing on Monday. The COMEX Gold 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 Bidens economic investment programs come on line, US Treasury Secretary Janet Yellen noted yesterday. MCX Gold yet again broke under Rs 47000 per 10 grams and ended down 0.94% at Rs 46873 per 10 grams. 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.
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