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As on : 06-Sep-2023

Other Markets - Bullion Markets
06-Sep-2023 13:52

Gold Slips Below $1,950 Amid Strong Dollar and Economic Uncertainty

Gold prices slipped below $1,950 per ounce amid a robust US dollar and global economic uncertainties, prompted by disappointing PMI figures in China and Europe. Federal Reserve Governor Christopher Waller's recent remarks indicated the Fed's flexibility in assessing the need for further interest rate hikes, given easing inflation and weak US job data, leading to expectations of a steady rate decision in September and a reduced likelihood of near-term rate increases. Concurrently, the US dollar strengthened against major currencies, particularly the Australian dollar, following the Reserve Bank of Australia's decision to maintain interest rates. In contrast, Australia's Q2 GDP grew by 0.4%, driven by strong export demand, though year-on-year growth slowed to 2.1%. MCX bullion futures for October delivery traded lower at Rs 59,141 per 10 grams, with a potential break towards Rs 58,700-58,500 levels, after last week's 1.3% gain or Rs 755, reaching a high of Rs 59,665.

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