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As on : 09-Aug-2024
Other Markets - Bullion Markets
09-Aug-2024     15:06

Gold poised to reverse gains amid mixed trading

Gold futures exhibited mixed movements in Asian electronic trades today, following a near 2% surge in the previous session. The precious metal's support stems from a weakening US dollar, driven by expectations of a Federal Reserve rate cut, and escalating geopolitical tensions. The dollar index maintained its rise to approximately above 103 levels, nearing a one-week peak, buoyed by better-than-anticipated US jobless claims data that eased economic slowdown concerns. Notably, initial jobless claims dropped by 17,000 to a seasonally adjusted 233,000 last week, marking the most significant decline in about 11 months. Despite these factors, gold is on track to end the week negatively, undoing the robust gains from the prior week. MCX October bullion futures were trading lower at Rs 69,681 per 10 grams.

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