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Gold Futures Fall Again Amid Strong US Jobs Data
10-Jun-2024, 12:18
Gold futures declined for the second consecutive day as a stronger US dollar, buoyed by robust US jobs data, tempered expectations of an early Federal Reserve interest rate cut. The US economy added 272K jobs in May, leading to reduced hopes for a rate cut this year. Investors are now eagerly awaiting the Fed's upcoming interest rate decision and key US inflation data, both due on Wednesday. In India, MCX August expiry bullion futures fell below the Rs 71,000 mark, trading down by Rs 535 per 10 grams.
Gold futures declined for the second consecutive day as a stronger US dollar, buoyed by robust US jobs data, tempered expectations of an early Federal Reserve interest rate cut. The US economy added 272K jobs in May, leading to reduced hopes for a rate cut this year. Investors are now eagerly awaiting the Fed's upcoming interest rate decision and key US inflation data, both due on Wednesday. In India, MCX August expiry bullion futures fell below the Rs 71,000 mark, trading down by Rs 535 per 10 grams.
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