Ravindra Rao, Head – Commodity Research at Kotak Securities said, COMEX Gold prices pared early gains and closed lower on 24 January, Wednesday, as robust economic data from US prompted investors to pare March Fed rate cut wagers, which now stands at 41% compared with almost 70% a week ago.
The greenback and treasury yields pared some early losses after data showed US factory activity unexpectedly jumped to 50.3 in January 2024, the highest since October 2022 Today, all eye are on the ECB policy meeting and a slew of economic data from the US, including US Q4 GDP estimates, weekly jobless claims and durable goods orders which might provide more cues on Fed’s policy path.”
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