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As on : 20-Feb-2024
Other Markets - Bullion Markets
20-Feb-2024     14:44

Gold Steady; China Cuts Loan Prime Rate

Gold futures surged above $2032 an ounce in Asian electronic trading, marking a third consecutive session of gains. Investors are now awaiting the minutes of the Fed's last meeting for further cues. The dollar index remained steady above 104, potentially putting pressure on dollar-denominated assets. Meanwhile, China's central bank announced its largest cut in the five-year loan prime rate since its 2019 inception, reducing it from 4.2% to 3.95%. This move aims to stimulate the slowing Chinese economy, which faces challenges such as a prolonged property-sector downturn, rising youth unemployment, and reduced global demand for exports. MCX April bullion futures were last seen trading up Rs 81 at Rs 62085 per 10 grams.

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