13-Dec-2024      14:35

Gold dips as dollar strengthens, but weekly gain intact

Gold edged lower near $2700, extending its slump from the previous session as a surging US dollar weighed on sentiment. Markets have largely priced in a 25bps rate cut by the Fed next week, but November's hotter-than-expected US factory gate prices stoked inflation fears. Meanwhile, initial jobless claims hit a two-month high, signaling potential cracks in the labor market. Dovish moves by global central banks, including cuts by the SNB, ECB, and BoC, along with the BoJ's cautious stance had little impact on bullion. Despite the dip, gold remains on track for a solid 2% weekly gain, with the weekly range of $2705-2659 ie. $112. Whereas MCX gold dipped to Rs 77527, down Rs 442 per 10 grams.

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