Mumbai, 26 April (CommoditiesControl): On Friday, gold prices remained steady, showing marginal gains in the spot market and slight upticks in U.S. gold futures. Spot gold edged 0.1% higher at $2,334.57 per ounce, while U.S. gold futures rose 0.25% at $2,337.40.
MCX gold witnessed a modest increase of 0.26%, trading at 71,397. Yet, the broader picture reveals a negative weekly trend, with gold futures poised to close the week with a drop of more than 1%. This downturn marks the halt at a prolonged bullish phase that recently propelled prices to a high of 74,000. In light of this uncertain market trajectory, traders holding long positions are advised to capitalize on any upward movements by booking profits.
Investor attention remains focused on the impending release of March's core Personal Consumption Expenditures (PCE) index data, scheduled for later today at 6:00 PM IST. As the Federal Reserve's preferred gauge of inflation, this data holds significant implications for the U.S. rate outlook.
Market participants eagerly await these insights, seeking further clarity on the trajectory of interest rates in the United States.
(By Commoditiescontrol Bureau; +91-9820130172)
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