GOLD SLIDES OVER 4% FROM RECENT HIGHS AMIDST WANING SAFE HAVEN DEMAND

Published on Apr 24, 2024 13:42

Gold futures extended their slide as demand for safe-haven assets dwindled, spurred by easing tensions in the Middle East. Traders are closely eyeing the upcoming US March personal consumption expenditures data, which serves as a key indicator for the Fed`s monetary policy decisions. The recent weaker-than-expected US PMI data, reflecting the slowest private sector growth since December, has alleviated concerns about the resilience of the US economy. Gold`s retreat of nearly 5% from its April 12 peak of $2448.80 is attributed to a combination of technical selling, a relaxation of geopolitical tensions, and a reassessment of the expected number of rate cuts by the Fed this year. In the domestic market, June futures traded below the Rs 71,000 mark.