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Gold is under pressure ahead of inflation figures

26 Jan,2024
Gold is under pressure ahead of inflation figures

Gold traded in a narrow range on Friday and was gearing towards dropping for the second week in a row as expectations of further hints on the interest rate trajectory made traders wary, with eyes are on inflation figures and Fed’s meeting.

Spot gold traded flat at $2,021.41 per ounce, on the other hand gold futures advanced by rose 0.2% to $2,021.10 per ounce. Both dipped by 0.3% during the week.

The two instruments dipped 0.3% during this week.

An enhance in risk appetite was observed with China's stimulus measures.

The solid greenback with the better than projected GDP figures further affected bullion prices, maintain them firmly within a range of $2,000- $2,050 developed during the previous week.

Greater losses in the yellow gold were restrained by some demand for safe havens, as the disruption in the middle east escalated.

Speaking of copper prices its poised for strong weekly gain on Chinese stimulus measures, bolstering hopes of solid demand.

 

 

 

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