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Gold Flirts with $2170 Amid US Inflation Jitters

Published on Mar 09, 2024 14:05

Gold prices remained above $2,170 an ounce on Friday but were poised for their first weekly decline in four weeks. The decline was driven by stronger-than-expected US inflation data, which raised uncertainty about the Federal Reserve`s potential interest rate cuts. Additionally, gold faced pressure from a rebound in the dollar and Treasury yields. The dollar index maintained its recent gains around 103.4 on Friday, set for its first weekly increase in four weeks, as the hotter-than-anticipated US inflation data clouded the outlook for the timing and extent of Federal Reserve interest rate cuts this year. US inflation data for February showed stronger-than-expected Producer Price Index (PPI) and Consumer Price Index (CPI) numbers. MCX April bullion futures were up Rs 145 per 10 grams, heading towards Rs 65,800.

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