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Gold Slips Near $2090 as Dollar Weakens; Focus on Powell's Testimony
04-Mar-2024, 01:26
Gold edged lower near $2090 an ounce on Monday, retreating from recent gains fuelled by a weaker dollar. Investors are awaiting Federal Reserve Chair Jerome Powell's testimony before Congress for insights into the monetary policy outlook. This week also brings crucial US economic data, including job figures and manufacturing data. Last week's reports highlighted ongoing challenges, with US manufacturing contracting for the 16th consecutive month and consumer sentiment showing a decline. Despite New York Fed President John Williams' forecast of potential rate cuts, other policymakers remain cautious about adopting a more dovish stance. MCX April bullion futures were trading near day's high of Rs 63610 up Rs 47 per 10 grams.
Gold edged lower near $2090 an ounce on Monday, retreating from recent gains fuelled by a weaker dollar. Investors are awaiting Federal Reserve Chair Jerome Powell's testimony before Congress for insights into the monetary policy outlook. This week also brings crucial US economic data, including job figures and manufacturing data. Last week's reports highlighted ongoing challenges, with US manufacturing contracting for the 16th consecutive month and consumer sentiment showing a decline. Despite New York Fed President John Williams' forecast of potential rate cuts, other policymakers remain cautious about adopting a more dovish stance. MCX April bullion futures were trading near day's high of Rs 63610 up Rs 47 per 10 grams.
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