Gold Sparkles as Dollar Plunges After FOMC Meeting

Published on Feb 22, 2024 14:02

Gold futures surged in Asia`s electronic trades today as the dollar took a dive amid growing uncertainties about the US interest rate outlook. The dollar index dropped by more than half a percent to 103.40 against a basket of six currencies. The latest Federal Reserve policy meeting minutes revealed officials` caution about cutting interest rates too quickly, potentially delaying the start of an easing cycle. While the Fed removed the reference to "additional policy firming," it stated that it does not anticipate lowering rates until it has gained "greater confidence" that inflation is moving sustainably toward 2 percent. Investors are now awaiting Thursday`s flash PMI reports for an update on the US private sector`s performance this month. MCX April bullion futures were trading up Rs 152 at Rs 62260 per 10 grams.