Gold Down as Strong US Dollar Anticipates Q4 GDP Data

Gold Down as Strong US Dollar Anticipates Q4 GDP Data

VoM News Desk | February 26, 2024 | 03:25 PM IST | Breaking News | Follow on Google News

Gold Down as Strong US Dollar Anticipates Q4 GDP Q4 GDP Data

Gold Down as Strong US Dollar Anticipates Q4 GDP Data

The US dollar index reached a two-month high, impacting the gold rate in Asian markets. Gold futures on MCX for April 2024 started lower at ₹62,327 per 10 gm, touching an intraday low of ₹62,198. Despite initial pressure, gold saw buying interest, bouncing back above ₹62,200. Internationally, spot gold hovered around $2,032 per ounce.

Market Anticipation of US Q4 GDP Data Influences Gold Movement

Commodity experts attribute the gold rate dip to the US dollar index’s rise, driven by market expectations for Q4 GDP data. Speculation suggests a 3.3 percent US GDP for Q4FY24, maintaining inflation pressure. A lower-than-expected GDP may intensify US dollar buying, while a higher figure could lead to a sell-off, driven by US Fed rate cut expectations.

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Q4 GDP Data: Gold Faces Resistance Levels Amidst Market Dynamics

Sugandha Sachdeva, Founder of WealthWave Insights, notes key resistance levels for gold at ₹62,700 per 10 gm and $2,048 per ounce. A decisive breach could signal upward potential, reflecting renewed bullish sentiment. Despite geopolitical uncertainties and central bank policies, gold’s resilience positions it as a sought-after asset class.

VoM News Desk

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