Gold Surges Past $2200: Investors Await US Inflation Data

Published on Mar 27, 2024 13:44

Gold futures surged past $2200 an ounce in Asian electronic trading, marking a third consecutive session of gains. Investors are cautiously awaiting the upcoming US PCE price index report, a key inflation gauge for the Federal Reserve, which could impact monetary policy outlook. Recent data indicating stronger-than-expected US durable goods orders and signs of recovery in business spending on equipment have also influenced market sentiment. Chicago Fed President Austan Goolsbee projected three rate cuts for this year, while Fed Governor Lisa Cook emphasized the need for cautious decision-making regarding rate cuts. MCX June bullion futures, the new benchmark, were trading lower at Rs 66672 per 10 grams.