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Gold Retreats as Fed's Hawkish Stance Hits Rate Cut Hopes
23-May-2024, 01:15
Gold futures extended losses for the third consecutive session as fresh record highs prompted profit-taking in the commodity. The strength of the US dollar further weighed on gold and other dollar-denominated assets. The dollar index hovered around 104.9, buoyed by the Federal Reserve's hawkish tone expressed in meeting minutes, signaling concerns over persistent inflation and reducing expectations for rate cuts. Amidst this sentiment, investors await Thursday's US weekly jobless claims and May's flash PMI figures for further market cues. MCX June bullion futures dropped by nearly Rs 800 or 1% to Rs 72,319 per 10 grams.
Gold futures extended losses for the third consecutive session as fresh record highs prompted profit-taking in the commodity. The strength of the US dollar further weighed on gold and other dollar-denominated assets. The dollar index hovered around 104.9, buoyed by the Federal Reserve's hawkish tone expressed in meeting minutes, signaling concerns over persistent inflation and reducing expectations for rate cuts. Amidst this sentiment, investors await Thursday's US weekly jobless claims and May's flash PMI figures for further market cues. MCX June bullion futures dropped by nearly Rs 800 or 1% to Rs 72,319 per 10 grams.
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