06-Mar-2024      13:42

Gold Slips amid Profit-Taking Ahead of Powell's Testimony

Gold futures dipped in Asian trading as investors took profits ahead of Federal Reserve Chair Jerome Powell's testimony and following impressive gains earlier in the week. Powell's appearance before Congress is eagerly awaited for insights into the central bank's monetary policy direction. The market is also eyeing Friday's US jobs report for further guidance. The European Central Bank's policy decision on Thursday is also anticipated for global rate path clues. Gold hit a record high of $2141.9 an ounce on Tuesday, supported by US economic data suggesting a slowdown, which could prompt rate cuts by the Fed. MCX April expiry bullion futures traded slightly lower at Rs 64,792 per 10 grams.

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