Gold Stumbles after Notching 2.5% Weekly Increase

Published on Nov 20, 2023 13:50

Gold futures saw slight losses in Asia electronic today after gaining nearly 2.5% last week, underpinned by easing US inflation which raised hopes that the Federal Reserve has reached the end of its tightening cycle, while traders turn their focus to potential interest rate cuts next year. Investors now await the latest FOMC minutes and a slew of economic data from US later this week for further guidance. In other related news, the People�s Bank of China left its one and five-year loan prime rates steady at 3.45% and 4.2%, respectively, coupled with additional liquidity injections to support the economy. MCX December expiry bullion futures are trading at Rs 60730 levels, up Rs 17 per 10 grams. Weakness in the US dollar also supported the bullion futures today.