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Gold Holds Firm Near Record Highs on Weak Dollar, WGC Report

Published on Mar 11, 2024 14:12

Gold futures in Asia were near record highs, edging towards $2,200 an ounce, supported by a sharp decline in the US dollar following the latest jobs report. This reinforced expectations of possible interest rate cuts as early as June, leading to cautious trading ahead of key US inflation data that could influence Federal Reserve policy. The dollar index held steady around 102.6, close to its lowest levels since mid-January, after dropping over 1% last week due to comments from Fed Chair Powell regarding inflation. Gold`s 4% surge last week was also fueled by the World Gold Council`s report confirming robust central bank gold demand in 2023, with 1,037 tonnes purchased last year, just shy of the all-time high in 2022. Central banks added 39 tonnes to global gold reserves in January alone. MCX April gold futures were up Rs 30 at Rs 66,053 per 10 grams, having reached a record high of Rs 66,356 last week.

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