Gold Prices Rise in Asia, But Set to Dwindle for Second Week

Published on Feb 16, 2024 14:32

Gold prices inched up in Asia electronic trades, trading well above $2000 an ounce. However, the precious metal is set to decline for the second consecutive week due to strong US inflation data, which raised fears that the Federal Reserve might delay interest rate cuts. Investors are now focused on US producer inflation numbers for further guidance. Yesterday, gold rose 0.6% as weak US retail sales data led to a dollar selloff. Atlanta Fed President Raphael Bostic stated that despite progress in fighting inflation, he was not ready to advocate for rate cuts due to ongoing risks. In contrast, Chicago Fed President Austan Goolsbee warned against delaying rate cuts. MCX April delivery gold futures traded with marginal gains at Rs 61,651 per 10 grams.