Gold futures on the COMEX rebounded yesterday after an impressive gain on Monday. Gold futures on the COMEX hit a two-week high of $ 1,798 an ounce amid strong buying support, but pulled back as talk of a US interest rate hike put pressure on the metal. The meter fell below $ 1,780 an ounce, losing nearly 1% in a day. US Treasury Secretary Janet Yellen said yesterday that US interest rates may need to be raised to prevent overheating of the economy as more economic investment programs by US President Joe Bidense take effect. MCX Gold futures fell below Rs 47,000 per 10 grams again and fell 0.94% to Rs 46,873 per 10 grams. Local demand is an ongoing concern, even though the surge in daily Covid-19 cases appears to have eased after hitting 4 lakh a day over the weekend. This surge remains alarmingly high and poses significant stress for business and consumers alike.
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