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Gold prices come under pressure on higher US inflation

February 20, 2024
in Business
Gold prices come under pressure on higher US inflation
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Updated – February 14, 2024 at 08:48 PM.
|
Mumbai

Market fears Fed will likely delay interest rate cut

Gold prices fell by ₹804 per 10 grams in the spot market to  ₹61,590 as the US inflation rate remained higher than expected and this in turn might delay the much-expected US Fed interest cut programme this year. The market expected the first US Fed rate reduction to come by May before the country goes for election in November.

The yellow metal for April delivery on MCX was down by ₹149 per 10 grams at  ₹61,355 while the June contract fell by ₹140 to ₹61,717 on Wednesday.

Yields firm up

Suvankar Sen, Managing Director, Senco Gold & Diamonds, said the higher inflation rate in the US will not only delay the decision on interest rate reduction but also lower the number of cuts expected in this year. Both gold prices and stock markets have gone down across the globe following the yields in the stock market firming up, he said.

However, he said the geopolitical risks still remain with the wars in West Asia and Ukraine besides other uncertainties over recessionary in major economies will lead to renewed buying of the gold.

Jateen Trivedi, VP Research Analyst, LKP Securities said the US Consumer Price Index data in the US came in at 3.1 per cent surpassing the market’s expectations of 2.9 per cent. Consequently, there was a surge in the dollar index from $103.85 to approximately $104.80, exerting significant downward pressure on gold prices, he added.

The anticipation of prolonged higher interest rates provided further impetus to the dollar index, intensifying the downward pressure on gold, he said.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TheHinduBusinessLine – https://www.thehindubusinessline.com/news/gold-prices-come-under-pressure-on-higher-us-inflation/article67845954.ece

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