Gold Bounces Back Above $2340 as Investors Await US GDP Data

Published on Apr 25, 2024 13:59

Gold futures recovered from earlier losses to rise above $2340 an ounce as investors awaited further US economic data for insights into the Federal Reserve`s monetary policy direction. Market focus is on the first-quarter GDP data and Friday`s March PCE report, especially after higher-than-expected consumer inflation shifted rate-cut expectations. Fed officials` recent comments suggest a delay in rate cuts, with the first hike likely in September. The commodity has retreated nearly 5% from its April 12 peak of $2448.80, driven by technical factors, geopolitical concerns, and the Fed`s reduced rate cut expectations. MCX June gold futures bounced back above Rs 71000 mark, trading marginally higher.