Other Markets - Bullion Markets
Gold slips below $2700, but poised for weekly gains As on : 27-Sep-24  14:42

Gold futures retreated from their recent highs above $2700 an ounce in Asian trading, driven by profit-taking. Despite this pullback, bullion is set to close the week up by almost 1.5%, marking its third consecutive weekly gain. Weakness in the US dollar and geopolitical tensions in the Middle East have continued to support gold's appeal, with the dollar index on track to decline for the fourth straight week. Traders are now eyeing the upcoming PCE price index report for further clues on the Federal Reserve's monetary policy direction. Meanwhile, stronger-than-expected US economic data, including a confirmed 3% GDP growth in Q2 and steady jobless claims, has added uncertainty around rate cuts. MCX December gold futures were down ₹152, trading at ₹76,101 per 10 grams in the Indian markets.

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