iifl-logo-icon 1
IIFL

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

Gold Prices Inch Up on Weaker Dollar Amid Fed Rate Cut Speculation

19 Feb 2024 , 10:00 AM

Amidst a softer dollar, gold prices saw a modest uptick on Monday, with bullion partially rebounding from last week's decline triggered by robust U.S. inflation data, which tempered expectations of imminent rate cuts by the Federal Reserve.

Key Points:

Gold Performance: Spot gold saw a 0.2% increase, reaching $2,017.77 per ounce as of 0050 GMT, following a 0.5% loss last week. Similarly, U.S. gold futures edged 0.3% higher to $2,029.80 per ounce.

Dollar Influence: The dollar index experienced a 0.1% decline, rendering greenback-priced gold more accessible to international buyers.

Market Dynamics: Last week witnessed a dip in bullion prices to a two-month low following reports of higher-than-expected consumer price growth. However, gold managed to claw back some of its losses later in the week after disappointing U.S. retail sales figures for January were revealed.

Fed Commentary: Federal Reserve Bank of Atlanta President Raphael Bostic expressed a need for more data to confirm any significant decline in inflationary pressures, although he remained open to potential rate cuts in the coming months. On the other hand, Chicago Fed President Austan Goolsbee warned against prolonged delays in implementing rate cuts, despite January's consumer price uptick.

Market Expectations: Traders have revised their projections for a U.S. interest rate cut from March to June, with the current market sentiment indicating a 77% probability of a rate cut in June, according to the CME Fed Watch Tool.

Holiday Impact: With most U.S. markets closed on Monday for the President's Day holiday, trading volumes are expected to be subdued.

Precious Metals Outlook: Spot platinum experienced a 0.2% decline to $904.27 per ounce, while palladium saw a 1.2% rise to $960.76 per ounce. Silver, however, dipped by 0.2% to $23.35 per ounce.

Related Tags

  • Dollar
  • gold
  • Gold News
  • Gold price
  • Gold Prices in india today
  • Gold Prices india
  • Gold Prices news
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Centerplus
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Knowledge Centerplus

Follow us on

facebooktwitterrssyoutubeinstagramlinkedin

2024, IIFL Securities Ltd. All Rights Reserved

ATTENTION INVESTORS
  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

plus
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.

closeIcon

Get better recommendations & make better investments

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp