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Gold Steady; China Cuts Loan Prime Rate

Published on Feb 20, 2024 14:44

Gold futures surged above $2032 an ounce in Asian electronic trading, marking a third consecutive session of gains. Investors are now awaiting the minutes of the Fed`s last meeting for further cues. The dollar index remained steady above 104, potentially putting pressure on dollar-denominated assets. Meanwhile, China`s central bank announced its largest cut in the five-year loan prime rate since its 2019 inception, reducing it from 4.2% to 3.95%. This move aims to stimulate the slowing Chinese economy, which faces challenges such as a prolonged property-sector downturn, rising youth unemployment, and reduced global demand for exports. MCX April bullion futures were last seen trading up Rs 81 at Rs 62085 per 10 grams.

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