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Gold Marginally Higher in Asia; Dollar Supports

Published on Jun 19, 2024 14:19

Gold futures traded slightly higher in Asia amid a holiday-shortened week, maintaining a tight range for the past week. The softness in the US dollar supports bullion futures, with investors eyeing weekly jobless claims on Thursday and the flash PMI on Friday for economic insights. Weaker-than-expected US retail sales data has fueled expectations of a Federal Reserve rate cut soon. May retail sales rose less than anticipated, with April`s figures revised lower, indicating a slowing economy. Investors also await the Bank of England`s policy decision, expecting a rate hold before a potential cut in August. Additionally, more central banks plan to increase their gold reserves within the next year due to ongoing economic and political uncertainties, despite high prices, according to a World Gold Council survey. MCX August bullion futures were seen trading up Rs 81 at Rs 71820 per 10 grams.

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