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As on : 18-Jan-2024
Other Markets - Bullion Markets
18-Jan-2024     14:29

Gold Rebounds from 5-Week Lows as US Retail Sales Data Softens Rate Cut Expectations

Gold futures recovered in Asia's electronic trades after hitting a five-week low due to stronger-than-expected US retail sales data, which tempered expectations for interest rate cuts. The dollar index eased from one-month highs, and Federal Reserve officials, including Governor Christopher Waller, pushed back against aggressive rate cut bets. Waller emphasized the strong economic activity and labor markets, indicating a cautious approach. Market odds of a Fed rate cut in March dropped to 53.8%, down from 63.1% in the previous session. Geopolitical concerns in the Middle East, with fresh US strikes on Houthi targets in Yemen, added to investor considerations. MCX Feb delivery gold futures traded up Rs 138 at Rs 61,643 per 10 grams.

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