Gold Slips to ₹1,50,500 as Treasury Yield Surge Overwhelms Safe-Haven Bid.
Ahmedabad, 28 September: MCX Gold (December contract) is trading at ₹1,50,500 per 10 grams, down ₹2,700 or 1.80% today, extending its slide for a second straight week. The pressure is coming from a sharp US Treasury bond selloff — the 10-year yield at 5.13%, its highest since 2007, and the 30-year at 5.44%, its highest since 2004 — as CME FedWatch data shows markets now pricing a 68.1% probability of a 25-basis-point Federal Reserve rate hike at the October 28 meeting, up from just 31.9% odds of holding steady, on the back of strong economic data and energy-driven inflation concerns tied to the ongoing US-Iran standoff over the Strait of Hormuz. Elevated crude prices, rather than boosting gold’s safe-haven appeal as they typically would during geopolitical stress, are instead reinforcing the case for further Fed tightening, feeding a stronger dollar and steeper yield curve that both work against non-yielding bullion. Gold has support at ₹1,48,000 and ₹1,46,000, with resistance at ₹1,52,500 and ₹1,55,000. The metal’s next move likely hinges on two threads converging at once: the Fed’s October rate decision, and whether the recent signs of renewed US-Iran diplomatic engagement on Hormuz firm up into an actual de-escalation. A dovish surprise from the Fed or confirmed progress on Iran talks could spark a sharp bounce toward resistance, while continued hawkish signals or a stalled Iran negotiation would likely extend the slide toward the lower support band.- perspective on gold by Ashish Rajodiya, Head – Commodities, PL Capital
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