GOLD SLIPS BELOW $2700, BUT POISED FOR WEEKLY GAINS

Published on Sep 27, 2024 14:42

Gold futures retreated from their recent highs above $2700 an ounce in Asian trading, driven by profit-taking. Despite this pullback, bullion is set to close the week up by almost 1.5%, marking its third consecutive weekly gain. Weakness in the US dollar and geopolitical tensions in the Middle East have continued to support gold`s appeal, with the dollar index on track to decline for the fourth straight week. Traders are now eyeing the upcoming PCE price index report for further clues on the Federal Reserve�s monetary policy direction. Meanwhile, stronger-than-expected US economic data, including a confirmed 3% GDP growth in Q2 and steady jobless claims, has added uncertainty around rate cuts. MCX December gold futures were down ₹152, trading at ₹76,101 per 10 grams in the Indian markets.