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Gold extends losses on hawkish Fed

FXStreet (Mumbai) - Gold prices declined ahead of the European session today after the Federal Reserve (Fed) sounded upbeat about the US economy sending the short term interest rate expectations higher.

Gold is trading 1.44% lower at USD 1207.30/Oz, after having hit a high of USD 1216.50 earlier during the Asian session. Gold fell yesterday after Fed acknowledged the improvement in the labor market condition while mentioning a low probability of inflation running persistently below the goal of 2%. Following the Fed decision, Gold prices decline from a high of USD 1230 to hit a low of USD 1208.20.

The yellow metal failed to receive support from the weakness in the equity markets since the US Treasury yields shot higher in response to the hawkish policy tone. The yellow metal may continue to fall if the treasury yields keep moving higher today.

Gold Technical levels

Gold has an immediate support at 1204, under which the prices can fall to 1990.30 levels. On the flip side, resistance is seen at 1215 and 1222 levels.

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