Gold Hovers Near $2000 as Investors Gauge Fed Policy

Published on Nov 23, 2023 13:15

Gold futures were seen trading slightly higher at $1997 per barrel after the metal finished below $2000 mark yesterday. However, it is trading near its highest levels in six months as investors continued to assess the outlook for Federal Reserve monetary policy. Data on Wednesday showed that the number of Americans filing new claims for unemployment benefits fell more than expected last week, while US inflation expectations for both the near and long term edged higher. The latest FOMC minutes also showed that policymakers favored maintaining a restrictive monetary policy and gave no indications that rates would fall soon. Markets still see the Fed keeping rates unchanged in December, while traders scaled back bets for rate cuts in March. The traders will also keep a close watch on Euro Zone Flash PMI data and its impact on Euro/USD pair. MCX bullion futures for December delivery were last seen trading higher by Rs 142 at Rs 61166 per 10 grams.