Gold Slips Below $2050 Amidst Range-Bound Trades

Published on Feb 07, 2024 14:14

Gold futures dipped below $2050 per ounce in Asia`s electronic trading session, with the market displaying range-bound movements as trader�s awaited cues. Investor sentiment remained cautious ahead of speeches by US Federal Reserve officials, seeking insights into monetary policy direction. The slip came despite stronger-than-expected US jobs and services data, alongside hawkish remarks from Fed Chair Jerome Powell, reducing expectations of rate cuts. Powell`s recent statements, including those made after the FOMC decision, suggested a reluctance towards a March rate cut. In the MCX, gold April delivery traded down Rs 159 at Rs 62415 per 10 grams, with potential resistance near Rs 62600 levels and support around Rs 62000 levels.