19-Jan-2024      13:44

Gold Inches Up, Faces Weekly Losses Amid Strong Dollar and Fed Stance

Gold futures inched up in the mid Asia electronic trades today, with the investor focus turning on the US consumer sentiment, existing home sales and inflation expectations. . However, the precious metal is on track to conclude the week with losses exceeding 1%, impacted by a robust US dollar and elevated Treasury yields. The strong performance of the US economy, underscored by solid data and a hawkish Federal Reserve stance against rate cuts, has tempered market expectations. Noteworthy data, including a lower-than-expected US initial jobless claims figure and higher retail sales in December, played a role. Fed Governor Christopher Waller's emphasis on cautious policy adjustments further weighed on gold. MCX domestic bullion futures traded up at Rs 62,049 per 10 grams.

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