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Gold Slides in Asian Trading, Fails to Sustain $2,000 Mark

Published on Nov 06, 2023 14:05

Gold futures in Asian electronic trading today moved slightly lower, reversing the gains from Friday, which were triggered by disappointing US job data, sparking hopes of a pause in Federal Reserve interest rate hikes. The latest data indicated that the US economy added fewer jobs than expected in October, causing a slight uptick in the unemployment rate. Investors are closely monitoring upcoming economic data and statements from various Federal Reserve officials this week for further insights on interest rate prospects. Gold, which had reached multi-month highs near $2,020 in early October, experienced a pullback, partly due to reduced geopolitical tensions in the Middle East. MCX December gold futures were recently trading at Rs 60,921, down by Rs 99 per 10 grams.

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