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Gold Holds Firm Above $2330; Set for Weekly Gains

Published on Jun 14, 2024 14:18

Gold surged above $2330 per ounce in the Asia trades today, set for its first weekly gain in four weeks after falling over 1% in the previous session. Investors are assessing softer-than-expected US inflation data against the Federal Reserve�s interest rate projections. The US PPI unexpectedly fell in May, indicating easing inflation pressures, following cooler consumer inflation figures. However, FOMC members` latest projections reveal an expectation of only one 25 basis point rate cut this year, with some members forecasting no cuts at all. The dollar index steadied around 105.2 on Friday and was set to advance for the second straight week, underpinned by fears that the Federal Reserve could keep interest rates higher for longer. MCX August bullion futures were seen trading higher at Rs 71509 per 10 grams.

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