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Gold Extends Losses; Soft Dollar to Limit Downside
04-Jul-2024, 02:10
Gold futures slipped in Asia after gaining over $30 an ounce previously, as weak US economic data reinforced expectations for Federal Reserve interest rate cuts. Despite this, a weakening US dollar, which fell below 105 to a three-week low, supported dollar-denominated assets. Investors are now focused on the upcoming US monthly jobs report for further guidance. Safe-haven demand for gold increased amid escalating tensions in the Middle East after Israel killed a senior Hezbollah commander. The recent FOMC minutes revealed Fed officials noting a slowing US economy but recommending caution before deciding on rate cuts. MCX August bullion futures traded marginally lower at Rs 72,386 per 10 grams.
Gold futures slipped in Asia after gaining over $30 an ounce previously, as weak US economic data reinforced expectations for Federal Reserve interest rate cuts. Despite this, a weakening US dollar, which fell below 105 to a three-week low, supported dollar-denominated assets. Investors are now focused on the upcoming US monthly jobs report for further guidance. Safe-haven demand for gold increased amid escalating tensions in the Middle East after Israel killed a senior Hezbollah commander. The recent FOMC minutes revealed Fed officials noting a slowing US economy but recommending caution before deciding on rate cuts. MCX August bullion futures traded marginally lower at Rs 72,386 per 10 grams.
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