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Gold Climbs Above $2,360 as Investors Eye Fed Testimony

Published on Jul 09, 2024 13:52

Gold futures near $2370 an ounce levels in Asia electronic trades Tuesday, recovering from the previous session`s losses as investors focused on Fed Chair Powell`s upcoming testimony before Congress. Powell`s testimony and key inflation figures due Thursday will provide further insight into the Fed`s plans. Geopolitical developments in the Middle East, including a potential Israel-Hamas ceasefire, are also being monitored by traders. On the data front, the recent US labor market data showed the unemployment rate at a two-and-a-half-year high and wage growth at a three-year low, suggesting early interest rate cuts. MCX bullion august futures traded up Rs 35 at Rs 72368 per 10 grams.

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