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As on : 24-Apr-2024
Other Markets - Bullion Markets
24-Apr-2024     13:42

Gold Slides Over 4% from Recent Highs Amidst Waning Safe Haven Demand

Gold futures extended their slide as demand for safe-haven assets dwindled, spurred by easing tensions in the Middle East. Traders are closely eyeing the upcoming US March personal consumption expenditures data, which serves as a key indicator for the Fed's monetary policy decisions. The recent weaker-than-expected US PMI data, reflecting the slowest private sector growth since December, has alleviated concerns about the resilience of the US economy. Gold's retreat of nearly 5% from its April 12 peak of $2448.80 is attributed to a combination of technical selling, a relaxation of geopolitical tensions, and a reassessment of the expected number of rate cuts by the Fed this year. In the domestic market, June futures traded below the Rs 71,000 mark.

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