Gold Surpasses $1,980 with a 2% Weekly Surge

Published on Nov 17, 2023 13:10

Gold surged above $1,980 per ounce, set to achieve over a 2% weekly gain. The rally is fueled by subdued inflation and signs of a decelerating US economy, reinforcing expectations that the Federal Reserve will maintain current interest rates. Anticipation of a rate cut is growing, given recent data showing slower consumer inflation, a decline in retail sales, and a three-month high in new unemployment benefit claims. Gold experienced a further boost as Moody`s downgraded the US credit rating outlook from stable to negative, citing escalating fiscal deficits and political tensions in Washington. These factors collectively contributed to gold`s upward momentum in the market. MCX bullion futures for December delivery are trading up Rs 59 at Rs 60781 per 10 grams.