October 24, 2024

Gold Edges Up After Drop From Fresh Record as Bond Yields Rise

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Gold steadied in Asian trading, after falling by the most in 11 weeks on Wednesday on higher US bond yields and profit-taking near record-high levels.

Bullion traded near $2,720 an ounce after retreating from an all-time high on Wednesday to end the session down 1.2%. The pullback came as technical measures suggested a recent rally may have been too strong, with the 14-day relative strength index showing the metal was overbought.

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