Gold Soars Over $2000 as Federal Reserve Unleashes Hawkish Winds

Published on Nov 22, 2023 13:56

Gold surged above $2000 in Asian trading on a hawkish Fed stance, with FOMC minutes suggesting a possible plateau in rate hikes and speculation of cuts from May. The minutes highlighted strong GDP, consumer spending, and payroll growth, emphasizing the importance of balancing labor supply and demand for inflation control. In other market movements, October`s US Existing Home Sales hit a low of under four million units, indicating a cooling housing market. Investors await US economic data, including Jobless Claims and Durable Goods Orders, revised Michigan Consumer Sentiment Index for market direction. MCX December bullion futures rose to around Rs 61400, up Rs 124 per 10 grams, reflecting market response amid economic challenges.