Gold Prices Near Two-Month High as Investors Await Economic Data

Powell’s Presentation and Nonfarm Payrolls Awaited

Gold prices dipped slightly in Asian trading hours but continue to hover near the highest levels in two months.

The yellow metal may see another dip in the near term, especially ahead of key economic data releases and Federal Reserve signals in the coming days.

Gold prices slipped to $2,080.86, down 0.1%, while the April futures fell to $2,089.25, a 0.3% decrease. Both instruments recorded over 2% gains last week, reaching the highest levels for 2024 and breaking out of the trading range seen so far this year.

ANZ Suggests Watching India Amid Copper Price Declines

Among industrial metals, copper fell by 0.4% to $3.8443 as markets approached the red metal with caution ahead of important signals from China, the largest importer.

China, hosting the 2024 National People’s Congress on Tuesday, is expected to announce new stimulus measures and economic forecasts for 2024. Fears of slowing demand in China have shaken copper prices in the past two years amid an incomplete economic recovery post-COVID-19.

However, ANZ analysts suggest that growing growth in India could help balance the slowing demand in China. Recent data indicates that India will continue to be the world’s fastest-growing economy in 2023, and ongoing infrastructure spending in the country is expected to boost copper demand.