Gold Consolidates Sideways Amid Uncertainty on Fed Rate Cuts

Published on Feb 08, 2024 14:09

Gold prices continued to trade sideways in Asian electronic trading as traders remained uncertain about the Federal Reserve`s stance on interest rate cuts. Upbeat US macro data and hawkish remarks from influential Fed officials led investors to dial back expectations for aggressive policy easing. The dollar index hovered around 104 after two consecutive sessions of decline, with investors closely monitoring Fed commentary for insights into the interest rate outlook. Boston Fed President Susan Collins emphasized a cautious approach, stating that the central bank is evaluating evolving data and outlook while signaling potential policy easing later in the year. MCX April bullion futures traded at Rs 62436 per 10 grams, down Rs 130 per 10 grams.