Gold takes a breather, slips below $2550

Published on Aug 27, 2024 14:55

Gold took a breather, slipping below $2550 per ounce after last week�s record-breaking rally. Bulls seem to be taking a moment to catch their breath as the market looks ahead to key US data later this week, with initial jobless claims and the Fed�s preferred PCE price index in focus for rate path clues. Since March, gold�s been on a tear, driven by rate cut expectations, central bank buying, and a surge in safe-haven demand. Meanwhile, the dollar�s hovering around 100.7, under pressure despite heightened Middle East tensions. Over on the MCX, October bullion futures slid below the Rs 72000 mark, down Rs 79 per 10 grams.