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Gold Back Above $2350 Yet Range Remains Tight
20-Jun-2024, 03:12
Gold futures surged past $2350 an ounce in Asian trades but remained within a tight range as investors awaited key US economic data, including weekly jobless claims and PMI reports. Attention is also on the Bank of England's policy decision today, with expectations of a rate cut in August. The dollar index steadied around 105.13 as US markets reopened after a holiday. Earlier in the week, weaker US retail sales data increased speculation of a Federal Reserve rate cut. Meanwhile, MCX August gold futures climbed above Rs 72,000, trading up Rs 241 per 10 grams.
Gold futures surged past $2350 an ounce in Asian trades but remained within a tight range as investors awaited key US economic data, including weekly jobless claims and PMI reports. Attention is also on the Bank of England's policy decision today, with expectations of a rate cut in August. The dollar index steadied around 105.13 as US markets reopened after a holiday. Earlier in the week, weaker US retail sales data increased speculation of a Federal Reserve rate cut. Meanwhile, MCX August gold futures climbed above Rs 72,000, trading up Rs 241 per 10 grams.
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