Gold Hits 2-Week Peak Amid Dollar Dip; Eyes on FOMC

Published on Nov 21, 2023 14:02

Gold futures reached a two-week high during early European trades, buoyed by a weakening dollar ahead of the upcoming FOMC meeting minutes. The expectation is for the US central bank to maintain unchanged rates in December, with a 30% market anticipation of a potential rate decrease as early as March 2024. Investors are eagerly awaiting the FOMC minutes and upcoming US economic data for further insights. The market`s positive response to China`s potential stimulus measures to bolster post-pandemic recovery continues to influence investor sentiment. COMEX gold benchmark contracts rose by $14 to $1994.40 per ounce, while MCX December bullion futures surpassed Rs 61000, trading up by Rs 387 per 10 grams.