Investors are now focusing on upcoming PMI data, which shows how well businesses in the US and Europe are doing. The US PMI numbers, expected soon, will give clues about the health of the economy. If the data is weaker than expected, it could signal trouble for the US economy, pushing the Federal Reserve to cut interest rates. Lower interest rates typically weaken the dollar further and make gold more appealing.
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Gold MCX Trading Levels 28690 to 29245
Gold Silver Reports ~ Gold on MCX settled down -0.65% at 28941 dropped tracking weakness from Comex Gold while unable to challenge a recent 13-month high near $1280 as traders booked profits after gains from last week’s dovish interest rate announcement by the Fed. The dollar arrested three weeks of declines after hawkish comments from US Fed officials renewed expectations of US interest rate hikes.