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Gold Up $40 as Rate Cut Gets Delayed

Published on Apr 01, 2024 13:36

Gold futures jumped more than $40 an ounce in the electronic trades today, hitting fresh all time highs everyday as prospects for the rate cut got delayed following the softer than expected inflation numbers. The latest data revealed that the Fed`s preferred inflation measure, the PCE price index, increased by 0.3% in February, slightly lower than the 0.4% gain in January. This aligns with expectations and signals a steady inflation rate. Federal Reserve Chair Jerome Powell reiterated that the central bank has no immediate plans to reduce interest rates and views the current inflation data as consistent with its goals. MCX June bullion futures touched the all time high of Rs 68926 per 10 grams. The physical demand in the local markets may subside for short term following such high rates.

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