Gold Sees Modest Rise Ahead of Powell`s Address

Published on Apr 16, 2024 14:16

Gold futures inched higher in Asia`s electronic trades as traders awaited Federal Reserve Chair Jerome Powell`s speech later in the day. The sharp gains in the US dollar are expected to cap gold`s upside, with the dollar index nearing 106.4, its highest level in over five months, supported by strong US retail sales data. Investors are also looking to US building permits, housing starts, and industrial production data for further economic insights. The Fed`s current stance, influenced by recent inflation and consumer spending figures, suggests a potential delay in interest rate cuts, which could further bolster the dollar and limit gold`s gains. MCX June bullion futures were up by nearly Rs 300 at Rs 72,565 per 10 grams.