Gold Retreats below $2070 amid Dollar Strength and Data Anticipation

Published on Jan 03, 2024 14:57

Gold prices slipped below $2070 in Asian electronic trades, influenced by a strengthening US dollar in anticipation of pivotal data releases later this week. International gold futures saw a nearly $7 drop, while domestic MCX bullion futures lost Rs 126, settling at Rs 63131 per 10 grams. Investors are closely eyeing this week`s U.S. jobs data, with nonfarm payrolls on Friday likely to steer Federal Reserve policy. Despite the pressure, a selloff in risk assets and heightened Middle East tensions prevented gold from a steeper decline, highlighting the delicate balance in the precious metal`s market dynamics.