Gold ekes out gains in a tumultuous week
==========

Gold closed around 0.80% lower on Friday as the US dollar rallied. The metal hit a fresh record high of $2,222 before giving back all the gains due to the resurgent dollar. The 10-year US yields at 4.21% were down over 2% on the week. The US Federal Reserve came out with a hawkish dot plot at its FOMC meeting but stuck to its prediction of three rate cuts in 2024. The Swiss National Bank unexpectedly cut rates on March 21. The Bank of England went for a dovish hold in its monetary policy decision on March 21. The US dollar initially tumbled on the FOMC-led weakness, but it soon recovered to enjoy its best week in the last two months on easing prospects abroad. The Chinese yuan weakened past 7.20 on March 22. Total known Global Gold ETF Holdings stood at 82.34 MOz as of March 21. Israel said it would press ahead with its Rafah invasion plan despite US warnings. US Secretary of State Antony Blinken is in the region pushing for a six-week ceasefire deal between Israel and Hamas. Investors should not consider gold as an asset similar to stocks but as part of their long-term portfolios. US PCE deflator inflation data will be the most important data next week. The US Dollar Index is expected to extend its rally further. Support is seen at $2146/$2120/$2100. Resistance is at $2180/$2204/$2225.

#Gold #UsDollar #MonetaryPolicy #CentralBanks

https://m.economictimes.com/markets/commodities/news/gold-ekes-out-gains-in-a-tumultuous-week/articleshow/108727270.cms