Gold Rises Amid Dollar Weakness; Market Awaits Key Data

Published on Jun 24, 2024 14:19

Gold futures edged up in the Asia electronic session today, with the weaker US dollar providing a supportive backdrop. Investors are keenly awaiting this week`s economic data, especially Friday`s core PCE price index and comments from Fed officials on interest rate cuts. Despite today`s dollar index trading slightly lower at 105.3, it remains close to its highest levels in nearly two months. This high level is largely attributed to solid US business activity data, which has sparked concerns that the Federal Reserve might maintain higher interest rates for a longer period. On the international front, Swiss gold exports in May were down compared to the previous month, driven by reduced shipments to major consumers India and Hong Kong. International bullion futures saw a rise of $11.60, trading at $2342.8 an ounce, while domestic bullion futures inched up nearly Rs 250 to Rs 71828 per 10 grams.