04-Jul-2024      14:10

Gold Extends Losses; Soft Dollar to Limit Downside

Gold futures slipped in Asia after gaining over $30 an ounce previously, as weak US economic data reinforced expectations for Federal Reserve interest rate cuts. Despite this, a weakening US dollar, which fell below 105 to a three-week low, supported dollar-denominated assets. Investors are now focused on the upcoming US monthly jobs report for further guidance. Safe-haven demand for gold increased amid escalating tensions in the Middle East after Israel killed a senior Hezbollah commander. The recent FOMC minutes revealed Fed officials noting a slowing US economy but recommending caution before deciding on rate cuts. MCX August bullion futures traded marginally lower at Rs 72,386 per 10 grams.

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