Gold Slips amid Profit-Taking Ahead of Powell`s Testimony

Published on Mar 06, 2024 13:42

Gold futures dipped in Asian trading as investors took profits ahead of Federal Reserve Chair Jerome Powell`s testimony and following impressive gains earlier in the week. Powell`s appearance before Congress is eagerly awaited for insights into the central bank`s monetary policy direction. The market is also eyeing Friday`s US jobs report for further guidance. The European Central Bank`s policy decision on Thursday is also anticipated for global rate path clues. Gold hit a record high of $2141.9 an ounce on Tuesday, supported by US economic data suggesting a slowdown, which could prompt rate cuts by the Fed. MCX April expiry bullion futures traded slightly lower at Rs 64,792 per 10 grams.