Gold Glitters; Pre-US Data Rush Sparks Bullish Momentum

Published on May 15, 2024 14:28

Gold futures got a boost in the electronic trades today, with the investors taking position ahead of flurry of critical data releases from US later in the day. The dollar`s downward trajectory, slipping below the pivotal 105 mark for the third consecutive session, adds fuel to this momentum. All eyes are on the upcoming US consumer inflation report, expected to offer insights into future interest rate trajectories. Despite Fed Chair Powell`s cautionary notes on inflation, indicating a prolonged period of central bank inertia, the market remains on edge. With the spotlight on US retail sales, alongside monthly and yearly CPI figures, today`s agenda is packed with potential market-moving events. MCX bullion futures have skyrocketed, leaping nearly Rs 500 to hit a daily high of Rs 72,754 per 10 grams, showcasing the market`s keen appetite for safe-haven assets amidst economic uncertainty.