17-Nov-2023      13:10

Gold Surpasses $1,980 with a 2% Weekly Surge

Gold surged above $1,980 per ounce, set to achieve over a 2% weekly gain. The rally is fueled by subdued inflation and signs of a decelerating US economy, reinforcing expectations that the Federal Reserve will maintain current interest rates. Anticipation of a rate cut is growing, given recent data showing slower consumer inflation, a decline in retail sales, and a three-month high in new unemployment benefit claims. Gold experienced a further boost as Moody's downgraded the US credit rating outlook from stable to negative, citing escalating fiscal deficits and political tensions in Washington. These factors collectively contributed to gold's upward momentum in the market. MCX bullion futures for December delivery are trading up Rs 59 at Rs 60781 per 10 grams.

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