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Gold Bounces Back Above $2340 as Investors Await US GDP Data
25-Apr-2024, 01:59
Gold futures recovered from earlier losses to rise above $2340 an ounce as investors awaited further US economic data for insights into the Federal Reserve's monetary policy direction. Market focus is on the first-quarter GDP data and Friday's March PCE report, especially after higher-than-expected consumer inflation shifted rate-cut expectations. Fed officials' recent comments suggest a delay in rate cuts, with the first hike likely in September. The commodity has retreated nearly 5% from its April 12 peak of $2448.80, driven by technical factors, geopolitical concerns, and the Fed's reduced rate cut expectations. MCX June gold futures bounced back above Rs 71000 mark, trading marginally higher.
Gold futures recovered from earlier losses to rise above $2340 an ounce as investors awaited further US economic data for insights into the Federal Reserve's monetary policy direction. Market focus is on the first-quarter GDP data and Friday's March PCE report, especially after higher-than-expected consumer inflation shifted rate-cut expectations. Fed officials' recent comments suggest a delay in rate cuts, with the first hike likely in September. The commodity has retreated nearly 5% from its April 12 peak of $2448.80, driven by technical factors, geopolitical concerns, and the Fed's reduced rate cut expectations. MCX June gold futures bounced back above Rs 71000 mark, trading marginally higher.
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