Gold prices rise ahead of US inflation prints
Mumbai/IBNS: Gold prices rose slightly in the domestic futures market on Friday (Sept. 27) morning, following positive global trends as investors awaited the release of the US core personal consumption expenditures (PCE) price index data later in the day, reports said.
This came amid hopes for significant interest rate cuts by the US Federal Reserve later this year.
At around 9:30 am on Friday (Sept. 27), MCX Gold was trading 0.05 percent higher at Rs 76,290 per 10 grams, according to reports.
On the international front, gold hit a record high of $2,685.42 on Thursday (Sept. 26).
The precious yellow metal has been climbing since the US Fed cut interest rates by 50 basis points on Sept. 18, signaling the possibility of further rate cuts.
In addition, US data released on Thursday showed weekly jobless claims fell by 4,000 to a four-month low of 218,000, below the forecast of 225,000 in a Reuters poll.
This data, along with a strong second-quarter performance by the US economy, helped ease concerns of a looming recession.
The US gross domestic product (GDP) grew at an unchanged annualized rate of 3 percent in the second quarter, while first-quarter growth was revised upward to 1.6 percent from the previously reported 1.4 percent, as per reports.
Market expectations remain high that the US Federal Reserve will cut interest rates by a total of 100 basis points in November and December, reports said.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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