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As on : 28-Nov-2023

Other Markets - Bullion Markets
28-Nov-2023 15:03

Gold Nears $2020, Eyes on US GDP & Inflation Data

Gold prices approached $2020 per ounce in Asian electronic trades, marking a third consecutive week of gains. The surge is attributed to a weakened US dollar and expectations that the Federal Reserve may shift towards interest rate cuts in the coming year. Monday's data, revealing a 5.6% drop in US new home sales for October, added to the sentiment. Traders are anticipating the Fed to maintain rates in December, with a 50-50 chance of easing in May 2024, as per CME?s FedWatch Tool. Attention now turns to Wednesday's US third-quarter GDP figures and Thursday's personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure. In related news, China's net gold imports through Hong Kong declined by 23% in October, with net imports at 26.793 metric tons compared to September's 34.757 tons. Overall gold imports via Hong Kong also fell by 19%, totaling 33.581 tons. Meanwhile, MCX December gold futures traded at Rs 71,510 per 10 grams, down Rs 30.

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