Gold Holds Steady at $2030 Amid Awaited US Economic Data

Published on Jan 24, 2024 14:53

Gold futures remained stable around $2030 an ounce in Asia, with anticipated volatility ahead of crucial US economic data, including PMI, GDP, and PCE inflation figures. The weakness in the US dollar supported dollar-denominated commodities, although the metal faced pressure from the resilient US economy and hawkish signals from Federal Reserve officials, dampening expectations for a March rate cut. The likelihood of a Fed rate cut in March has dropped below 50%, contrasting sharply with last week`s near two-thirds chance, as indicated by CME`s FedWatch Tool. Meanwhile, the Bank of Japan maintained ultra-loose monetary settings, and the European Central Bank is expected to hold rates steady in its upcoming policy decision. MCX February bullion futures traded at Rs 62,425 per 10 grams, reflecting a Rs 149 increase.