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Mumbai, 15 Feb 2024 (Commoditiescontrol):Gold prices witnessed an uptick on Thursday, buoyed by the weakening U.S. economic data which led to a dip in both the U.S. dollar and Treasury yields. Investors are now keenly anticipating insights from Federal Reserve officials for indications on the potential timeline for an interest rate reduction.
8 PM IST, spot gold saw a 0.6% increase, reaching $2,003.67 per ounce. Concurrently, U.S. gold futures also experienced a 0.6% rise, standing at $2,015.50.
As per experts the unexpectedly soft retail sales figures provided the impetus for gold bulls, propelling prices back over the significant $2000 mark.
The U.S. retail sales data for January revealed a decline beyond initial forecasts. Complementing this, the Labor Department issued a report showing a decrease of 8,000 in initial claims for state unemployment benefits, bringing the figure down to a seasonally adjusted 212,000.
In response to this economic data, the dollar index continued its downward trajectory, and the benchmark 10-year Treasury yield also decreased. These developments have enhanced the allure of non-yielding bullion, particularly for buyers outside the United States.
(By Commoditiescontrol Bureau; +91-9820130172)
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