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As on : 29-Jan-2025
Other Markets - Bullion Markets
29-Jan-2025     15:15

Gold sideways; eyes on Powell remarks

Gold futures displayed range bound activity in today's session, with the benchmark contract trading near $2770, up $3 per ounce as investors awaited the Federal Reserve's policy decision. Federal Reserve is widely expected to keep the fed funds rate steady at the 4.25%-4.5% range in its meeting today, pausing its rate-cutting cycle after three consecutive reductions in 2024 that totaled a full percentage point. Market participants are also keenly watching Fed Chair Jerome Powell's remarks for signals on future rate cuts, especially after President Trump's recent push for lower borrowing costs. Traders are also eyeing Friday's PCE price index report, the Fed's preferred inflation gauge, for further clues. On MCX, bullion futures edged higher to Rs 80988, with resistance expected near Rs 81150.

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