Gold Holds Strong at 6-Month Highs with Dollar Support

Published on Nov 24, 2023 14:10

Gold futures continued their upward trend in Asian electronic trades, maintaining a six-month high. This resilience is attributed to ongoing investor assessments of the Federal Reserve`s monetary policy outlook. The weakening US dollar, reflected in the DXY index at 103.62 against six major currencies, further bolstered the precious metal. FOMC minutes revealed a preference among policymakers for a restrictive monetary policy, dispelling expectations of imminent rate cuts. Market sentiment anticipates the Fed maintaining rates in December, leading traders to scale back bets on future rate cuts in March. MCX bullion futures for December delivery rose by Rs 47 to reach Rs 61,119 per 10 grams, underscoring the positive momentum in the gold market.