Gold saw choppy moves as US Treasury yields edged up yet again. Markets focused on the US stimulus and pushed up the benchmark US 10 year treasury yields by more than 3%. In a key update, the US Federal Reserve Chair Jerome Powell noted that the recovery of the economy from the pandemic recession is far from Fed's goals, thereby turning down any concerns that the Fed might soon withdraw some of its support for the US economy.
This is likely to shape up well for Gold. The metal currently trades at $1946 per ounce, down 0.23% on the day. Covid-19 scenario stays well under control in India now and the mass vaccinations will be rolled out soon. Record high local equities can likely keep a tab on fresh investment demand for Gold in domestic markets.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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