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Gold Price Dip; Focus on EU GDP & US Jobs Data

Published on Dec 07, 2023 14:02

Gold futures were trading slightly weaker in the early Europe trades today, with the traders focusing on EU GDP and US weekly jobless claims data due later today. However, the metal has been trading steadily higher and is constantly been pulled up near $2050 levels following the growing expectations that the Fed is going to cuts the rates soon. The US labor market is easing off, with JOTLS reporting a multi-year low in job vacancies, and US private payroll data supporting metal prices at 103,000. There`s now a 55% chance of a Fed rate cut in March. MCX February delivery gold futures bounced back from an intraday low of Rs 62,322, currently trading at Rs 62,439. Support is expected near Rs 62,230, with resistance near Rs 62,590 levels.

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