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Gold Sees Modest Rebound with Focus on US Inflation Data

Published on Feb 13, 2024 13:00

Gold reversed course after four consecutive sessions of losses, edging up nearly $4 to $2037.70 an ounce in Asia electronic trades on Tuesday. However, lingering near its lowest levels in over two weeks, the precious metal faced pressure as investor�s awaited crucial US inflation data that could sway interest rate decisions. Worries about potential delays in Federal Reserve rate cuts intensified following robust US jobs data and hawkish rhetoric from Fed officials. Simultaneously, geopolitical tensions in the Middle East, particularly talks in Beirut signaling progress in easing Israel-Hamas tensions, kept investors vigilant. Despite a recent tumble below the Rs 62,000 mark, MCX April delivery bullion futures showed slight recovery, trading at Rs 62,090 per 10 grams.

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