Gold prices plummeted by 1.77% to Rs.151,729 as rising U.S. Treasury yields reduced its appeal due to non-yielding bullion.
The Fed Chair Kevin Warsh indicated that policymakers would have more work to do if they lacked confidence that inflation was returning toward the 2% target.
Investors await ADP employment report and Friday's nonfarm payrolls data for further clues on the Federal Reserve's monetary policy path.
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