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As on : 22-Dec-2023
Other Markets - Bullion Markets
22-Dec-2023     13:12

Gold Surges above $2,060; Weekly Gains Fueled by Dollar Weakness

Gold surged past $2,060 per ounce for its second consecutive weekly gain, driven by a weakened dollar and falling Treasury yields. Speculation about potential US Federal Reserve interest rate cuts in the coming year intensified as data revealed softer Q3 US economic growth and a disappointing December Philadelphia Fed Manufacturing Index. Investors are closely watching Friday's US core PCE reading for insights into future monetary policy. UK inflation hitting a two-year low in November adds to expectations of a global rate-cutting cycle. MCX February gold futures rose nearly Rs 250 to Rs 62,750 per 10 grams in response to these global dynamics.

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