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Gold Retreats below $2070 amid Dollar Strength and Data Anticipation
03-Jan-2024, 02:57
Gold prices slipped below $2070 in Asian electronic trades, influenced by a strengthening US dollar in anticipation of pivotal data releases later this week. International gold futures saw a nearly $7 drop, while domestic MCX bullion futures lost Rs 126, settling at Rs 63131 per 10 grams. Investors are closely eyeing this week's U.S. jobs data, with nonfarm payrolls on Friday likely to steer Federal Reserve policy. Despite the pressure, a selloff in risk assets and heightened Middle East tensions prevented gold from a steeper decline, highlighting the delicate balance in the precious metal's market dynamics.
Gold prices slipped below $2070 in Asian electronic trades, influenced by a strengthening US dollar in anticipation of pivotal data releases later this week. International gold futures saw a nearly $7 drop, while domestic MCX bullion futures lost Rs 126, settling at Rs 63131 per 10 grams. Investors are closely eyeing this week's U.S. jobs data, with nonfarm payrolls on Friday likely to steer Federal Reserve policy. Despite the pressure, a selloff in risk assets and heightened Middle East tensions prevented gold from a steeper decline, highlighting the delicate balance in the precious metal's market dynamics.
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