Gold Below $2,000, Eyes on U.S. PPI

Published on Dec 13, 2023 13:25

Gold futures slipped below $2000 an ounce, falling to its lowest level since November 24 as the US dollar bounced back yesterday following strong CPI numbers. The Labor Department said its consumer price index crept up by 0.1 percent in November after coming in unchanged in October. The modest increase in consumer prices partly reflected a continued advanced by shelter prices, which climbed by 0.4 percent in November after rising by 0.3 percent in October. The traders are also in caution mode ahead of the PPI and the US Federal Reserve`s interest rate decision. Even though the central bank is expected to maintain rates, market attention is on Fed Chair Jerome Powell`s commentary. Meanwhile, the European Central Bank and the Bank of England, among others, will decide on monetary policy later this week, where they are expected to challenge bets for rate cuts early next year. MCX February bullion futures traded near Rs 61122 per 10 grams, down Rs 59. The next support for gold can be found at Rs 60900 and Rs 60700 levels.