Gold pushes higher, US inflation data in focus

Published on Jun 13, 2023 17:58

The COMEX Gold futures propped up today with dollar index breaking below 103 mark for first time since in three weeks ahead of the critical inflation numbers from US later today. Investors eagerly await the release of the US Consumer Price Index (CPI) data by the Bureau of Labour Statistics today. The inflation figures for May 2023 will be announced at 6 P.M. IST. Market participants are closely monitoring these numbers for insights into the current inflationary trends. The dollar index that measures the greenback against a basket of currencies slipped below the 103 mark and was last seen trading at 102.89, its lowest level since May 22. The Federal Reserve had increased its key interest rate by 0.25 percentage points last - its 10th hike in 14 months. That pushed its benchmark rate to between 5% and 5.25%, up from near zero in March 2022. If inflation continued to remain stubborn, the Fed might continue hiking the rates further. International bullion futures most active contract jumped up more than $6 at $ 1975.90 per troy ounce after witnessing fall to as low as $1963.10 in yesterday`s session. The contract should see some resistance near $1980-85 levels. The domestic counterpart for August delivery was seen trading at Rs 59785 up Rs 144 per 10 grams. The commodity should find some resistance near Rs 59900 levels today and a move above that should take it towards Rs 61100 levels.