GOLD SLIPS AS DOLLAR GAINS AHEAD OF ISM & UNEMPLOYMENT CLAIMS
Published on Aug 03, 2023 16:28
Gold futures slipped below $1970 an ounce levels in the Asia electronic trades today as dollar strengthens ahead of unemployment claims and ISM index.
The dollar index traded up 0.17% at 102.57 against the basket of 6 other currencies after the most recent data revealed a stronger-than-expected increase in US private payrolls for July, indicating a robust job market.
On another note, Fitch Ratings recently downgraded the US`s long-term credit rating from AAA to AA+, citing expected fiscal challenges over the next three years and a significant and increasing government debt burden. Fitch also predicted a mild recession in the last quarter of 2023 and the first quarter of 2024.
International bullion futures were seen trading at $1969.50 down 0.28%. The counter is down 2% after hitting the high of $2010, its highest level in more than 2 months. Investors are now turning their attention to upcoming US economic data releases and the Bank of England`s interest rate decision later this week. The Bank of England is expected to raise interest rates to a 15-year high of 5.25% from 5% on Thursday, as inflation remains the highest of the world`s major economies.
MCX Gold October futures tumbled down Rs 142 at Rs 59329 per 10 grams. The metal might witness range bound activity until it breaks above Rs 59900 levels.
Powered by Capital Market - Live News