13-Nov-2024      15:00

Gold rebounds above $2615 amid US dollar pressure, focus on Fed data

Gold prices rose above $2,615 per ounce on Wednesday, recovering slightly from recent lows as traders anticipated key US economic data that could shape the Federal Reserve's policy direction. Investors await consumer inflation data, followed by producer prices and jobless claims on Thursday, and retail sales on Friday. Hopes that the Fed may delay easing in 2024, due to anticipated fiscal policies under Trump, have supported the US dollar, which is up 2% in November, reducing gold's appeal as a safe haven. Concerns over weakened demand from China, a top consumer, have also weighed on gold and silver, both down 5% this month. In India, MCX silver surged above ₹90,000 per kg, while gold reached ₹75,000 per 10 grams.

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