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Gold Inches Up, Faces Weekly Losses Amid Strong Dollar and Fed Stance

Published on Jan 19, 2024 13:44

Gold futures inched up in the mid Asia electronic trades today, with the investor focus turning on the US consumer sentiment, existing home sales and inflation expectations. . However, the precious metal is on track to conclude the week with losses exceeding 1%, impacted by a robust US dollar and elevated Treasury yields. The strong performance of the US economy, underscored by solid data and a hawkish Federal Reserve stance against rate cuts, has tempered market expectations. Noteworthy data, including a lower-than-expected US initial jobless claims figure and higher retail sales in December, played a role. Fed Governor Christopher Waller`s emphasis on cautious policy adjustments further weighed on gold. MCX domestic bullion futures traded up at Rs 62,049 per 10 grams.

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