Gold Rebounds Above $2300; Up 11% in 2024

Published on Apr 05, 2024 14:17

Gold futures climbed back above $2300 in Asian trading, showcasing an 11% gain so far in 2024. Despite facing pressure for the second consecutive session, investors gear up for upcoming jobs data and inflation readings, which could influence central bank decisions in May and June. The dollar index`s rise above 104 on Friday added to gold`s pressure, as Federal Reserve officials expressed reservations about the timing of potential interest rate cuts. Minneapolis Fed President Neel Kashkari suggested that if inflation remained stubborn, rate cuts might not be necessary in 2024. Fed Chair Jerome Powell echoed this sentiment, stating that more evidence of sustainable inflation nearing the 2% target is needed before considering rate cuts. Despite these statements, market sentiment continues to lean towards the Fed implementing rate cuts this year. International bullion futures have surged more than 11%, while domestic bullion futures are up 9% in 2024.