02-Jul-2024      15:04

Gold Holds Firm; Silver Soars Past Rs 90k Mark

Gold prices remained steady in Asia after a previous session rise, as traders await key U.S. economic data and Fed remarks for interest rate cues. Focus is on Fed Chair Powell's remarks, FOMC minutes, and the nonfarm payrolls report. The dollar index stabilized at 105.7 following a sharp drop due to weak U.S. manufacturing data, which supports the case for potential Fed rate cuts. ECB President Christine Lagarde noted more time is needed to confirm inflation trends, signaling no urgency for rate cuts. In the Indian market, MCX gold futures edged higher to Rs 71,677 per 10 grams, while silver futures surged past the Rs 90,000 mark.

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