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Gold Cautious: Waiting on US Data and Fed's Tune
12-Jun-2024, 02:09
Gold futures inched up in Asian electronic trades, with movement remaining narrow as investors await key US inflation data and the latest Federal Reserve interest rate decision. The central bank's updated economic projections, expected to show fewer anticipated rate cuts, are in focus. Following stronger-than-expected payrolls data last Friday, markets now anticipate only one rate reduction from the Fed this year. The dollar index stabilized above 105.2 after three consecutive sessions of gains, rising 1% since Friday on the back of robust US jobs data. Meanwhile, MCX August expiry futures traded cautiously, last seen up Rs 5 at Rs 71495 per 10 grams.
Gold futures inched up in Asian electronic trades, with movement remaining narrow as investors await key US inflation data and the latest Federal Reserve interest rate decision. The central bank's updated economic projections, expected to show fewer anticipated rate cuts, are in focus. Following stronger-than-expected payrolls data last Friday, markets now anticipate only one rate reduction from the Fed this year. The dollar index stabilized above 105.2 after three consecutive sessions of gains, rising 1% since Friday on the back of robust US jobs data. Meanwhile, MCX August expiry futures traded cautiously, last seen up Rs 5 at Rs 71495 per 10 grams.
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