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COMEX Gold is witnessing some selling pressure around three-week highs after wave of gains in last few sessions. The US dollar index is holding around 99 mark. Markets are eying an end to the historic US government shutdown and will focus on the regular flow of economic releases from next week. The metal currently trades at $4173 per ounce, down 0.51% on the day. However, it is up around 4% for the week. There is some concern about the near-term US monetary policy outlook as Cleveland Fed President Beth Hammack stated yesterday that while there has been some softening in the labor market, inflation, at around 3%, still remains above the Fed's 2% target. Due to inflation persistently outpacing the Fed goal, we need to remain somewhat restrictive to put pressure on inflation, she said at the Economic Club of Pittsburgh yesterday. This pulled Gold down well under $4200 per ounce today. On the MCX, Gold futures are trading at Rs 125778 per 10 grams, down 0.77% on the day. The counter tested a low around Rs 125500 per 10 grams mark.

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