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Below the Quote on Gold and Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities 

Comex gold fell over 1% on Wednesday, closing below $2,730 per ounce after reaching a record high of $2,772.60 earlier in the session, pulled back by a stronger US dollar and rising Treasury yields. While safe-haven demand due to the upcoming US election and ongoing conflicts in the Middle East supported prices initially, this was outweighed by the dollar index hitting a two-month high of 104.6 and the benchmark 10-year Treasury yield rising to 4.25%, the highest level since July. Concerns about rising US debt and election uncertainties are also contributing to market volatility. Today, Comex gold steadied around $2,735 per ounce owing to rising Treasury yields amid increasing expectations that the Federal Reserve will take a cautious approach to monetary easing, with swap traders now less than 100% certain of rate cuts at the remaining policy meetings this year. Investors will be closely watching the US Initial Jobless Claims data for the week ending October 19, which is expected to show a slight increase, alongside anticipation of mixed results for the October PMI figures.