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Gold Dips Below $2340 as Traders Eye US Data

Published on Jul 01, 2024 15:23

Gold futures slipped below $2340 an ounce in mid-Asia trades today, with market players eagerly awaiting crucial US data for insights on interest rate movements. Despite the dip, a weakening US dollar, now at 105.25, is expected to cushion losses for dollar-denominated commodities. The dollar`s slide comes as the euro gains strength following France`s snap election, where Marine Le Pen�s National Rally led as predicted, albeit with a narrower margin. Recent inflation data, the lowest since 2021, has boosted hopes for Fed rate cuts this year. All eyes are now on the upcoming US payrolls report and FOMC minutes for more clues. Meanwhile, domestic bullion futures for August delivery inched up Rs 20 to Rs 89,560 per 10 grams.

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