Gold Inches up Ahead of GDP, Jobless Claims

Published on Jun 27, 2024 14:15

Gold prices inched up in Asian electronic trading today after falling for two consecutive sessions to their lowest level in two weeks. The dip was driven by a stronger dollar and rising bond yields. The dollar index held around 106, bolstered by hawkish comments from Fed Governor Michelle Bowman, who suggested that inflation remains too high for rate cuts. Investors are focused on the final Q1 2024 US GDP report, with previous estimates showing growth of 1.6% and 1.3% quarter-on-quarter. Despite positive growth, the US economy showed a slight slowdown from the 3.4% growth in Q4 2023. MCX August bullion futures traded down Rs 54 at Rs 71,035 per 10 grams.