Gold`s Glitter Grows Amidst Global Tensions and Weak Dollar

Published on Oct 10, 2023 15:19

Gold futures traded higher in the Asia electronic trades today, extended previous day`s gains of nearly 2 following the Israeli-Palestinian conflict, weaker dollar and lower Treasury yields. This uptrend is also driven by market expectations that the US Federal Reserve will refrain from raising interest rates in November. Fed Vice Chair Philip Jefferson emphasized caution in light of rising yields, and Dallas Fed President Lorie Logan suggested reduced tightening if long-term rates remain elevated. Traders may exercise caution and await key releases from the United States (US) later in the week, including the FOMC meeting minutes on Wednesday and consumer inflation figures on Thursday. These releases could offer insights into the Fed`s future rate-hike plans. MCX December gold futures were seen trading higher by Rs 52 at Rs 57624 per 10 grams. It may face a hard resistance near Rs 58300 levels.