Gold price (XAU/USD) witnessed an intraday turnaround on Wednesday and tumbled around $50 after hitting a fresh record high, around the $2,760 region. Against the backdrop of slightly overbought conditions on the daily chart, a further rise in the US Treasury bond yields and a stronger US Dollar (USD) prompted some profit-taking around the non-yielding yellow metal. That said, the US political uncertainty ahead of the November 5 Presidential election and Middle East tensions assisted the safe-haven commodity to stall the corrective slide ahead of the $2,700 mark.
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