It was the dismissal from Fed Chair Powell on tapering talks, which hammered the greenback across the board while the 10-year US rates fell from near 1.65% to 1.61%.
This, along with a strong pickup in the US Treasury bond yields, prompted some fresh selling around the non-yielding yellow metal.
The precious metal built on the previous day’s goodish rebound from one-and-half-week lows and gained some traction during the first half of the trading action on Thursday.
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Gold struggled to capitalize on its early move up, instead witnessed a turnaround from one-week tops A fresh leg up in the US bond yields, the risk-on mood both contributed to the intraday selling bias.
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