GOLD INCHES UP POST RECENT LOSSES; EYES ON US PPI

Published on May 14, 2024 13:56

Gold futures inched up in the Asia electronic trades today after concluding yesterdays session down more than $30 or 1.3%. Today, investor focus will be on the US inflation numbers and Powell speech to insights into the Federal Reserve`s monetary policy direction. Expectations for rate cuts have grown following weaker US payrolls data, with markets anticipating potential cuts starting in September. India`s central bank reports an increase in the share of gold in foreign reserves to 8.15% by March. After falling for three consecutive weeks, India�s forex reserves jumped $3.668 billion to $641.59 billion for the week ended May 3, according to the latest RBI data. Benchmark domestic yellow metal futures were seen trading below the threshold of Rs 72000, up Rs 60 per 10 grams.