Gold Pauses After Rally, Awaits Next Move

Published on Apr 04, 2024 14:19

Gold futures were seen trading slightly lower in the electronic trades today, with the traders awaiting the latest US monthly jobs report. The dollar index, weakening below 104, lingered at its weakest level in over a week, prompting a reevaluation of interest rate expectations. The ISM data`s unexpected slowdown in US services growth, coupled with easing price growth for service providers, bolstered rate cut expectations, weighing on the dollar. Meanwhile, ADP data revealed 184,000 private-sector job additions in March, underscoring the labor market`s resilience. Federal Reserve Chair Jerome Powell emphasized the need for further evidence of inflation sustainably moving toward the 2% target before considering rate cuts. MCX gold traded lower at Rs 69694 per 10 grams, reaching a session high of Rs 69908.