Gold Holds Firm near $1,970: Eyes on US Jobless Claims and China`s Housing Data

Published on Nov 16, 2023 13:50

Gold is holding steady around $1,970 per ounce in the Asia electronic trades today, with attention turning to China`s House Price Index and US Initial Jobless Claims. The metal`s recent 1% gain was fuelled by a softer-than-expected US inflation report, supporting the view that the Federal Reserve may conclude rate hikes. Moody`s negative shift in the US credit rating outlook, reflecting concerns about fiscal deficits and political tensions, also added to gold`s appeal. Meanwhile, strong Chinese data may limit gold`s downside, with focus on China`s House Price Index. Traders are also awaiting insights from Fed officials and jobless claims data for further guidance on gold prices. MCX December expiry bullion futures are trading at Rs 60200 levels up Rs 134 per 10 grams. The metal should find good support near Rs 60000 levels.