Gold prices rally on Comex amid softer dollar and Fed outlook
2023.11.23 10:26
The precious metals market saw a mix of trends today, with prices in India decreasing, while futures showed a slight increase. The Multi Commodity Exchange of India (MCX) reported a drop in spot gold to ₹61,208 per ten grams and an uptick in to ₹61,084 per ten grams. In contrast, saw a decline to ₹74,590 per kilogram.
In major Indian cities, the price of gold varied, with Ahmedabad listing ₹63,360, Mumbai at ₹63,190, New Delhi at ₹63,350, Chennai at ₹63,320, and Kolkata at ₹63,370 for ten grams of the precious metal.
On the international front, Comex Gold experienced a rebound as the U.S. dollar weakened following the release of hawkish Federal Open Market Committee (FOMC) minutes. The lighter trade volumes typical of Thanksgiving Day also played a role in the movement of prices. Expectations that the Federal Reserve may pursue less aggressive interest rate hikes have contributed to the recent rally in gold prices.
Meanwhile, U.S. economic indicators sent mixed signals to investors. Unemployment claims dropped significantly, suggesting strength in the labor market. However, consumer sentiment revealed growing concerns over inflation, and durable goods orders showed a decrease—a potential indicator of an economic slowdown. These diverse economic factors are likely influencing the precious metals market as investors seek safe-haven assets amidst uncertainty.
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