21-Jun-2024      14:00

Gold Glitters as Fed Rate Cut Anticipation Grows

Gold futures surged above $2370 per ounce, reaching a two-week high and is on track for second consecutive weekly gain. The rise comes amid weak US economic data, with slowdowns in the labor market, price pressures, and retail sales, indicating sluggish economic activity in Q2. Slight drops in unemployment claims and a sharp decline in May housing starts, the lowest in nearly four years, further support rate cut expectations from the Fed. Market watchers now turn their attention to the flash purchasing managers' indexes for additional economic insights. MCX August bullion futures neared the Rs 73000 per 10 grams mark and were last seen up Rs 115.

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