PHYS - Gold slips further below $1800 as rising bond yields dampen demand

Gold futures (XAUUSD:CUR) are on track for a third straight drop, with April Comex gold -1.3% to $1,774/oz. after slipping below $1,800 yesterday, as U.S. Treasury yields extend their climb to the highest level in a year and dent the demand for safe-haven investments.Two days of congressional testimony from Fed Chairman Jerome Powell underscored the Fed's intentions of maintaining ultra-low rates and continuing hefty asset purchases until "substantial further progress has been made" toward its employment and inflation goals."The gold price is clearly not benefiting from the Fed narrative, which is that loose monetary policy is here to stay for some time," says AcaTrade's Naeem Aslam. "Investors believe that this is risk-on time, and they really do not see any reason why they need to hedge their risk if the Fed is holding their back, which has weakened the gold price's strength."ETFs: [[GLD]], [[GDX]], [[GDXJ]], [[NUGT]], [[IAU]], [[JNUG]], [[GGN]], [[PHYS]],

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Gold slips further below $1,800 as rising bond yields dampen demand