Gold Shines as Dollar Dips; Eyes on US Economic Data

Published on Apr 29, 2024 14:56

Gold futures rebounded in Asian trading, supported by a weakening US dollar ahead of a busy week of US economic data. This week`s key releases include April`s monthly jobs report, ADP Non-Farm Employment Change, ISM Manufacturing PMI, and the consumer confidence index. The Federal Reserve`s upcoming interest rate decision and FOMC statement will be critical for market sentiment, especially with inflation and a strong economy in focus. The Fed is expected to maintain its current policy rate range of 5.25%�5.5%, potentially impacting gold`s appeal as a non-yielding asset. MCX June gold futures traded up Rs 25 at Rs 71,525 per 10 grams.