Gold Cracks Below $2000 as Dollar Surges on Inflation Data

Published on Feb 14, 2024 14:15

Gold futures slid below $2000 per ounce in Asian electronic trading, hitting a two-month low following sharp rally in the US dollar. The dollar index maintained three-month highs near 104.80 on Wednesday, following a nearly 1% surge in the previous session, driven by hot US consumer inflation data. The strong report pushed the index towards 105, its highest level in three months, making dollar-denominated commodities and assets more expensive for buyers holding other currencies. All eyes are now on Chicago Fed President Austan Goolsbee�s upcoming comments for further guidance. The greenback strengthened across major currencies, hitting three-month highs against the euro, Australian dollar, and Chinese yuan. MCX April bullion futures traded down Rs 250, nearing the Rs 61000 per 10 grams mark, with support levels around Rs 60900-400 in the near term.