Gold Prices Dip as Fed Signals No Interest Rate Cut in March

1 Feb 2024 , 10:51 AM

Gold prices dropped on Thursday after the US Federal Reserve reiterated its goal of a 2% inflation objective, dashigning Wall Street’s hopes of any rate cut in March. The dollar index (DXY) gained ground as a result, dulling the gold’s shine.

Following the movements in the global markets, the April MCX gold futures were down ₹ 70, or 0.11%, at ₹ 62,665 per 10 grams at 9:10 am, while the March silver futures were down ₹ 140, or 0.19%, at ₹ 72,107 per kilogram.

In contrast to silver, which was trading close to $23.110 and up $0.059 or 0.250% on the Comex, gold contracts were trading at $2,064.50 per troy ounce, down $2.90 or 0.14%.

Against a basket of the top six currencies, the dollar index (DXY) was trading little higher at 103.47, up 0.19 points or 0.19%. It has lost 0.10% of its value in the last five trading sessions.

On Wednesday, the March Silver futures concluded at ₹ 72,252, up by just ₹ 5 or 0.01%, while the MCX Gold April contract closed almost flat at ₹ 62,746, up by ₹ 11 or 0.02%.

The price of one kilogram of silver is ₹ 74,000, while the price of ten grams of gold in major physical bullion markets like Delhi, Ahmedabad, and other cities is ₹ 63,500.

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