Gold Slips as Dollar Breaks Through 104 Barrier

Published on Feb 28, 2024 13:40

Gold futures traded below $2040 an ounce in Asia`s electronic session as the dollar strengthened. The sideways movement continued throughout the week as traders awaited US GDP and inflation readings, scheduled for release later. Dollar index broke past 104 mark against the basket of 6 major currencies. The monthly personal consumption expenditures price index, the Fed�s preferred inflation gauge, is due on Thursday. Investors are also awaiting a second estimate of US GDP figures for further clues on the economy, along with speeches by several Fed officials. Australia reported softer-than-expected inflation numbers for January, while the Reserve Bank of New Zealand held rates steady and offered a less hawkish outlook on monetary policy than expected. MCX April bullion futures were trading down Rs 144 at Rs 62157 per 10 grams, with strong support expected near Rs 61700-900 levels.