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Gold hit a high of USD 1250

FXStreet (Mumbai) - Gold prices hit a high of USD 1250/Oz, largely tracking the sharp decline in the US Treasury yields.

Following the weakness in the US Equity markets, the ten-year treasury yields fell below 2% level, triggering a panic reaction in the bond markets which saw the yields falling to 1.868%. Gold prices rose sharply to USD 1250/Oz, although the prices came down to USD 1238/Oz once the ten-year yield bounced back above 2%.

The yellow metal is now 0.38% up for the day. Gold prices would continue to remain well supported on the weakness in the equity markets and the treasury yields. Moreover, the yellow metal can rise further if the ten-year yields sustain below the 2% level.

Gold Technical levels

Gold has an immediate resistance of 1250 levels, above which prices can 1263 levels. On the downside, 1232 levels should act as a strong support.

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