Gold Mixed Amid Economic Signals and Fed Caution

Published on Feb 06, 2024 14:12

Gold futures traded flat near $2041 an ounce in Asian electronic trading after two consecutive sessions of losses, as upbeat US economic data and hawkish signals from the Federal Reserve diminished expectations for interest rate cuts. Investors are eyeing US trade deficit data for December, consumer credit report for January, and CPI seasonal factor revisions for further insights. Additionally, remarks from eight Fed speakers this week will be closely watched for clues on rate cut timing. Meanwhile, US actions in Yemen and Middle East peace efforts influence market sentiment. Despite positive US services sector growth and job additions in January, Fed Chair Powell reiterated a lack of interest in a March rate cut. MCX gold futures for April delivery were down Rs 26 at Rs 62,290 per 10 grams.