It was indeed a roller coaster ride for the yellow metal yesterday – it was observed to move $65 in almost 60 minutes – a few hours before Fed Chairman’s Jeremy Powell’s speech. However, as the USD gained steam post Powell speech, it exerted downside pressure on gold which marked the heaviest losses in the last 7 days. It can also be attributed to the surge in US treasury yields and positive performance of Wall Street benchmarks.
Glad I managed to pocket some $$ before the roller coaster ride began, though! Have a great Friday ahead!
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