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Gold Extends Rally on Safe Haven Appeal; FED and Jobs Data Due

Published on Jan 31, 2024 14:36

In the wake of ongoing geopolitical concerns, gold continues its surge in Asian electronic trades. As investors brace for the US Federal Reserve`s monetary policy decision, expectations of steady interest rates persist, affecting gold`s outlook. Stronger-than-expected US economic data diminishes sentiments for potential rate cuts, while lingering fears of a broader conflict in the Middle East further contribute to market caution. Meanwhile, in India, a World Gold Council report reveals a 3% decline in 2023 gold demand, hitting the lowest since 2020, with soaring prices impacting jewelry consumption but partially offset by increased sales of coins and bars for investment purposes. MCX bullion futures for April delivery are trading up Rs 74 at Rs 62,521 per 10 grams.

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