DOLLAR STRENGTH PRESSURES GOLD AS TRADERS AWAIT KEY US DATA

Published on Oct 08, 2024 14:19

Gold prices dipped below $2650 per ounce in Asian trading on Tuesday, marking the fifth consecutive session of declines. The drop followed a stronger-than-expected US jobs report, which reduced market expectations for aggressive Federal Reserve rate cuts. Traders are now eyeing key inflation data, including CPI and PPI reports, alongside FOMC minutes, for further clues on the Fed�s rate path. The strengthening US dollar, with the dollar index near 102, also weighed on gold and other dollar-denominated assets. Meanwhile, MCX December gold futures fell by Rs 330 to Rs 75,715 per 10 grams, as China�s central bank stayed away from purchasing gold for the fifth straight month.