Gold Maintains Steady Stance before Jobs Report, Poised for 2% Weekly Gains

Published on Feb 02, 2024 14:55

Gold futures traded flat in the Asia electronic trades today as markets await the crucial US monthly jobs report. Despite the cautious sentiment, gold is set to conclude the week with robust gains of over 2% at $2071 per ounce. The World Gold Council`s recent report reveals a third consecutive annual outflow in global gold ETFs, shedding 244.4 tonnes in 2023. The overall gold demand in 2023 declined by 5%, attributed to ongoing ETF outflows. The Reserve Bank of India`s gold acquisitions in 2023 and 2022 are disclosed, while the nation experiences a 3% dip in gold demand, impacted by soaring prices and a 4% drop in jewelry consumption during Q4 2023. MCX April gold futures were trading down Rs 85 at Rs 62880 per 10 grams.