Gold Inches Up As Fall Below $2000 Triggers Bargain Buying

Published on Dec 12, 2023 14:32

Gold futures saw a marginal rise in mid-Asia electronic trades following a dip below $2000 an ounce levels yesterday. The weakened dollar is anticipated to provide support at lower levels, though volatility may ensue as investors adjust positions ahead of the upcoming US CPI and interest rate decisions. The release of US consumer inflation data on Tuesday and producer inflation figures on Wednesday will influence market sentiment. Major central banks, including the Federal Reserve, the European Central Bank, and the Bank of England, are set to announce their monetary policy decisions this week, challenging expectations of early-year rate cuts. In the MCX market, February bullion futures remained steady near Rs 6162 per 10 grams, with resistance expected around Rs 61400 levels.