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Gold Surges as Markets Eye Powell`s Testimony

Published on Jul 10, 2024 15:15

Gold prices rose to nearly $2380 an ounce in Asia electronic trades on Wednesday, continuing gains from the previous session. Traders are focused on the upcoming release of US CPI data and Federal Reserve Chair Jerome Powell`s testimony before the House Financial Services Committee. Powell highlighted improvements in June quarter data but emphasized the need for more data to solidify inflation outlook confidence. He also noted a slowdown in the US economy and easing labor market conditions, supporting expectations for early rate cuts. MCX August bullion futures increased by nearly Rs 300 to Rs 7268 per 10 grams.

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