Hard-fought gains evaporate
Gold is at a fresh session low, down $37 to $1774.
The drop is an interesting contrast to bonds, which don’t appear to be bothered by the Fed today after yesterday’s slump. US 10-year yields are down 5 bps to 1.52%.
It’s a rush to the exits though in gold, which is now flirting with the 61.8% retracement of the April-June rally, which is at $1769 and that’s right around a series of lows at $1760.