Gold Maintains Steady Stance Ahead of Crucial US Economic Data

Published on Dec 08, 2023 14:01

Gold futures remained flat in Asian electronic trading as investor�s anticipated key US non-farm and consumer sentiment data later in the day. The precious metal is poised to maintain strong support around $2000, driven by global growth uncertainties and shifts in major countries` interest rate cycles. Recent dovish statements from the European Central Bank and the Federal Reserve, along with unchanged interest rates by the Bank of England, suggest a perceived peak in global interest rates. These factors contribute to the range-bound movement of gold prices. Meanwhile, MCX gold bullion for February delivery is slightly higher at Rs 62487 per 10 grams, facing potential resistance near Rs 62900 and support near Rs 62000 levels in the near term.