04-Sep-2024      14:06

Gold slides as dollar gains, eyes on Fed's next move

Gold extended its losses, dropping below $2,510 an ounce on Wednesday, with the stronger dollar adding to the pressure. Investors are closely watching economic indicators as weak US manufacturing data stirred recession concerns, pushing the dollar index to steady around 101.6. The ISM Manufacturing PMI's continued contraction is shifting market focus to upcoming US labor reports, which are expected to influence the Federal Reserve's rate cut decisions. On the MCX, gold futures are struggling to stay above Rs 71,000, down by Rs 267 per 10 grams, signaling cautious trading ahead.

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