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Gold Takes a Hit on Fed's Hawkish Vibe
13-Jun-2024, 01:39
Gold futures fell below $2330 an ounce in Asia following the Fed's hawkish outlook. The Fed maintained the fed funds rate and signaled only one rate cut this year, possibly in December, with a more aggressive cutting path for 2025. Despite the softness in the US dollar, which may support gold, the dollar index held around 104.3. US inflation slowed to 3.3% in May. MCX August bullion futures dropped by Rs 430 to Rs 71,540 per 10 grams, down over Rs 3000 from the May 20 high of Rs 74,777.
Gold futures fell below $2330 an ounce in Asia following the Fed's hawkish outlook. The Fed maintained the fed funds rate and signaled only one rate cut this year, possibly in December, with a more aggressive cutting path for 2025. Despite the softness in the US dollar, which may support gold, the dollar index held around 104.3. US inflation slowed to 3.3% in May. MCX August bullion futures dropped by Rs 430 to Rs 71,540 per 10 grams, down over Rs 3000 from the May 20 high of Rs 74,777.
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