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Gold Hits Record Highs, Investors Eye US Data and Fed Chair`s Testimony

Published on Mar 05, 2024 14:21

Gold`s winning streak extended to its sixth consecutive session in Asian trading, reaching a historic closing high of $2,126 per ounce on March 4. This milestone, the highest since the inception of contracts in 1974, follows a record peak in December 2023 at $2,152.3 per ounce. Attention now turns to the ISM Services PMI from the US, expected to impact gold traders` sentiment, while they await Fed Chair Jerome Powell�s testimony for insights on Fed rate cuts. Investors are also cautious ahead of Powell�s Congressional testimony and key US employment data. Domestic bullion futures surged past Rs 64,000 per 10 grams, trading near Rs 64,663.

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