GOLD GETS BOOST AFTER TEPID US PCE READING

Published on Dec 23, 2024 14:35

COMEX Gold is holding onto latest gains today after an impressive bounce in last session. The metal had tested one month low during last week but saw a good rebound following softer US inflation data. The US PCE Inflation, the Fed`s preferred reading on consumer price inflation, has increased 0.1 percent month-on-month in November, marking a less than expected rise. The annual rate rose to 2.4 percent from 2.3 percent in the previous month but was also less than expected. The core PCE also eased to 0.1 percent from 0.3 percent in October and the yearly rate held steady at 2.8 percent. This boosted Gold as the metal spiked 1.42% on Friday and held steady above $2640 per ounce. MCX Gold futures are trading at Rs 76509 per 10 grams, up 0.12% on the day after soaring around 1% in last session.