05-Mar-2024      14:21

Gold Hits Record Highs, Investors Eye US Data and Fed Chair's Testimony

Gold's winning streak extended to its sixth consecutive session in Asian trading, reaching a historic closing high of $2,126 per ounce on March 4. This milestone, the highest since the inception of contracts in 1974, follows a record peak in December 2023 at $2,152.3 per ounce. Attention now turns to the ISM Services PMI from the US, expected to impact gold traders' sentiment, while they await Fed Chair Jerome Powell's testimony for insights on Fed rate cuts. Investors are also cautious ahead of Powell's Congressional testimony and key US employment data. Domestic bullion futures surged past Rs 64,000 per 10 grams, trading near Rs 64,663.

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