Gold Holds Near $2050, Eyes US Jobs Data Amid Dollar Strength

Published on Jan 05, 2024 13:43

Gold futures traded flat around $2050 an ounce in Asia, poised for its first weekly decline in four weeks. The precious metal faced pressure from a strengthening dollar and rising Treasury yields as traders tempered expectations for early and aggressive interest rate cuts by the US Federal Reserve in the coming year. Positive US economic data, including a greater-than-expected decline in weekly jobless claims and strong December hiring by private businesses, contributed to the market sentiment. Investors are eagerly awaiting the release of the monthly jobs report. Geopolitical tensions in the Middle East, sparked by fatal blasts in Iran, continue to be a focus. MCX February bullion futures traded lower at Rs 62,595 per 10 grams, down Rs 45.