Gold Retreats from 6-Month Peaks on Weekend Profit-Taking

Published on Nov 30, 2023 13:43

Gold futures dipped below $2070 per ounce over the weekend as profit-taking ensued, following a surge near all-time highs driven by a weakened US dollar. Despite the pullback, the yellow metal is set to close the month with over 3% gains, following a robust 7% increase in October. Dollar remained weak on speculating of potential Federal Reserve easing measures in the coming year amid hints of a rate cut due to cooling inflationary pressures. With the US economy showing Q3 expansion at 5.2%, investors now await Thursday`s pivotal personal consumption expenditure inflation report and anticipate insights from Fed Chair Jerome Powell on Friday. MCX bullion futures for February delivery are trading down Rs 8 at Rs 62800 per 10 grams.