Gold Slips Near $2090 as Dollar Weakens; Focus on Powell`s Testimony

Published on Mar 04, 2024 13:26

Gold edged lower near $2090 an ounce on Monday, retreating from recent gains fuelled by a weaker dollar. Investors are awaiting Federal Reserve Chair Jerome Powell`s testimony before Congress for insights into the monetary policy outlook. This week also brings crucial US economic data, including job figures and manufacturing data. Last week`s reports highlighted ongoing challenges, with US manufacturing contracting for the 16th consecutive month and consumer sentiment showing a decline. Despite New York Fed President John Williams` forecast of potential rate cuts, other policymakers remain cautious about adopting a more dovish stance. MCX April bullion futures were trading near day�s high of Rs 63610 up Rs 47 per 10 grams.