Gold Surges above $2,060; Weekly Gains Fueled by Dollar Weakness

Published on Dec 22, 2023 13:12

Gold surged past $2,060 per ounce for its second consecutive weekly gain, driven by a weakened dollar and falling Treasury yields. Speculation about potential US Federal Reserve interest rate cuts in the coming year intensified as data revealed softer Q3 US economic growth and a disappointing December Philadelphia Fed Manufacturing Index. Investors are closely watching Friday`s US core PCE reading for insights into future monetary policy. UK inflation hitting a two-year low in November adds to expectations of a global rate-cutting cycle. MCX February gold futures rose nearly Rs 250 to Rs 62,750 per 10 grams in response to these global dynamics.