Gold prices fell for the second consecutive session on Thursday due to a rise in the U.S. dollar and Treasury yields ahead of key inflation data. This data could impact the Federal Reserve’s interest rate plan, leading investors to brace for potential surprises that may require the Fed to adjust its monetary policy outlook. Spot gold is down 0.4% at $2,330.44 per ounce, following a 1% drop on Wednesday.
The dollar gained 0.5%, making the greenback-priced bullion less attractive for other currency holders. China is increasing its holdings of metals, including precious metals like gold and silver as well as base metals like copper and zinc, to lessen the long-term effects of a declining market.
It revised the upward potential target to Rs 81,000 in the domestic market. The financial services providing company has a “buy on dips” approach and advice to accumulate near Rs 69,000 on MCX..
