COMEX Gold stayed muted as traders continued to focus on the likely trajectory of the US monetary policy. In his second day of testimony to Congress, the US Fed Chief Jerome Powell reiterated that Fed needs to be ready to respond to the possibility that inflation may not recede in the second half of next year. This effectively means an acceleration in the pace oat which the Fed tapers its asset purchase programme followed by an eventual increase in interest rates. Gold slipped near its three-week low of $1770 per ounce yet again before witnessing some buying and currently trades marginally lower at $1777 per ounce.

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