Gold Slide below $2060 as Dollar Strength Prevails; Eyes on PMI & Payrolls

Published on Feb 01, 2024 14:18

Gold futures dipped below $2060 per ounce in Asia`s electronic trades, influenced by a robust dollar index reaching seven-week highs at 103.62. Federal Reserve Chair Jerome Powell`s comments, dismissing expectations for a March interest rate cut, contributed to the dollar`s strength. Powell emphasized the commitment to maintain rates until inflation moves toward the 2% target. Investors await Thursday`s jobless claims and ISM PMI reports, along with Friday`s crucial monthly jobs report. Despite economic data, ongoing geopolitical concerns are expected to provide support for the precious metal. MCX April gold futures traded Rs 149 lower at Rs 62586 per 10 grams.