Gold Futures Near 4-Week Lows Amid Fed Watch

Published on Jun 11, 2024 14:04

Gold futures held at nearly four-week lows, reflecting cautious sentiment among investors awaiting key events. The market is keenly anticipating US inflation data and the Federal Reserve`s policy announcement later in the week. Traders are particularly interested in hints about the timing of potential rate reductions, especially after a stronger-than-expected payroll report last Friday. Projections now suggest only one rate cut from the Fed this year, likely in November. The dollar`s rise to a one-month high against the euro on Monday, driven by political uncertainties following the European Parliament elections, added to the cautious tone. Meanwhile, local bullion futures declined by Rs 134, settling at Rs 71,304 per 10 grams.