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GOLD SIDEWAYS; EYES ON POWELL REMARKS

Published on Jan 29, 2025 15:15

Gold futures displayed range bound activity in today�s session, with the benchmark contract trading near $2770, up $3 per ounce as investors awaited the Federal Reserve�s policy decision. Federal Reserve is widely expected to keep the fed funds rate steady at the 4.25%-4.5% range in its meeting today, pausing its rate-cutting cycle after three consecutive reductions in 2024 that totaled a full percentage point. Market participants are also keenly watching Fed Chair Jerome Powell�s remarks for signals on future rate cuts, especially after President Trump�s recent push for lower borrowing costs. Traders are also eyeing Friday�s PCE price index report, the Fed�s preferred inflation gauge, for further clues. On MCX, bullion futures edged higher to Rs 80988, with resistance expected near Rs 81150.

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