Gold Rebounds in Asian Trades Amidst Dollar Volatility

Published on Jan 09, 2024 13:26

Gold experienced a rebound in Asian electronic trades, driven by a volatile dollar ahead of crucial U.S. inflation data. The precious metal finds relief as the dollar retreats from three-week highs, though remaining below December peaks. The dollar index was subdued around 101.94, pausing its recent rally as investors stayed on the side-lines ahead of key US inflation data.Traders, anticipating a March cut, show a 59.4% probability, down from 64% earlier in the week, while recent consumer expectations indicate a decline in short-term U.S. inflation forecasts. Despite financial tightening, the U.S. economy adds 216,000 jobs in December, keeping labor markets resilient. Domestic gold futures for February delivery trade higher at Rs 62,326 per 10 grams.