GOLD ON ROLLERCOASTER; HEADS FOR FIRST WEEKLY DECLINE IN FOUR MONTHS

Published on Apr 26, 2024 14:19

Gold futures surged by nearly $20 to reach around $2,360 per ounce in Asian electronic trading on Friday. Despite this jump, the precious metal is on track for a 2.5% decline, marking its first weekly drop in four months. Investor focus remains on the March Personal Consumption Expenditures (PCE) figures, scheduled for later in the day, which could provide clearer signals regarding the Federal Reserve`s monetary policy stance. Investors are analyzing recent economic data for insights into the Fed`s next moves, with the US GDP growth for the first quarter showing the slowest expansion in nearly two years. However, the increase in consumer inflation has fueled speculation that the Fed might maintain its current restrictive monetary policy for a longer period. In domestic markets, MCX futures surged towards Rs 71,700 per 10 grams.