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As on : 09-Nov-2023

Other Markets - Bullion Markets
09-Nov-2023 13:51

Gold Prices Teeter Amid Fed Uncertainty and China's Deflation Concerns

Gold prices remain near their lowest level since October 18, influenced by mixed signals from Federal Reserve officials regarding future rate hikes, reduced concerns about the Israel-Hamas conflict, and expectations of the US central bank nearing the end of its tightening campaign. Meanwhile, gold?s glitter was also lowered by deflationary pressure in china. In October, China's Consumer Price Index (CPI) contracted by 0.1%, and the Producer Price Index (PPI) declined by 2.6%, extending its 13-month downward trend. Federal Reserve Governor Michelle Bowman's comments about potential rate hikes reflect confidence in the US economy, while Minneapolis Fed President Neel Kashkari's caution hints at lingering inflation concerns. Traders are awaiting the release of US Weekly Initial Jobless Claims data and Fed Chair Jerome Powell's speech for further market direction. MCX December futures continued to trade below the Rs 60000 threshold and should find support near Rs 59700 levels.

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