Gold Flirts with $2,000 Mark as Investor Caution Prevails Amid Economic Data Watch

Published on Dec 11, 2023 14:51

Gold futures slipped near $2,000 an ounce, hitting a two-week low in the Asia electronic trades Monday, as investors exercised caution ahead of monetary policy decisions from major central banks. Global markets brace for a week of pivotal economic indicators and central bank decisions, with China`s Industrial Production, Retail Sales, and Fixed Asset Investments and US CPI data. The Federal Reserve is anticipated to maintain rates, while the European Central Bank, Bank of England, Norges Bank, and the Swiss National Bank are all set to make crucial decisions, amplifying the impact of central bank actions on market dynamics. The precious metal, which lost over 1% on Friday due to robust US jobs data, is now closely monitored for signals on interest rate trajectories. November`s data revealed a stronger-than-expected addition of nearly 200,000 jobs to the US economy, causing a shift in expectations about potential rate cuts by the Fed as early as March 2024. MCX February delivery gold futures are down by nearly Rs 200 at Rs 61523 per 10 grams, with the metal expected to face a strong resistance near Rs 62000 levels.