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Gold Cautious: Waiting on US Data and Fed`s Tune

Published on Jun 12, 2024 14:09

Gold futures inched up in Asian electronic trades, with movement remaining narrow as investors await key US inflation data and the latest Federal Reserve interest rate decision. The central bank`s updated economic projections, expected to show fewer anticipated rate cuts, are in focus. Following stronger-than-expected payrolls data last Friday, markets now anticipate only one rate reduction from the Fed this year. The dollar index stabilized above 105.2 after three consecutive sessions of gains, rising 1% since Friday on the back of robust US jobs data. Meanwhile, MCX August expiry futures traded cautiously, last seen up Rs 5 at Rs 71495 per 10 grams.

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