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Gold Slips Below $2,150 as Dollar Strengthens Ahead of Central Bank Decisions

Published on Mar 18, 2024 15:01

Gold prices fell below $2,150 an ounce in Asia electronic trades on Monday, marking their lowest levels in over a week. The strength of the US dollar kept pressure on the precious metal, with the dollar index trading steady around 103.5 as investors awaited the Federal Reserve`s policy decision, widely expected to maintain benchmark interest rates unchanged. Last week, the dollar index gained 0.7%. Investors are cautious as they await monetary policy decisions from major central banks, including the Federal Reserve, Bank of Japan, Reserve Bank of Australia, and Bank of England. Most central banks are expected to keep benchmark rates unchanged, with traders closely watching for hints of potential rate cuts this year. The Bank of Japan is anticipated to exit its negative interest rate policy, citing factors such as rising wages, high inflation, and a stable economy. MCX April delivery bullion futures were trading lower at Rs 65,481 per 10 grams.

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