Gold prices perched above $2,400 on Wednesday as investors remained optimistic that the Fed could drop clues about lowering interest rates in September at the end of the policy meeting this week.
US job openings fell marginally in June and data for the prior month was revised higher, pointing to continued labour resilience that is underpinning the economy.
India's gold demand in Q2 fell 5% from a year earlier, but consumption in the second half of 2024 should improve due to a correction in local price following a steep reduction in import taxes, the WGC said.
Meanwhile, wealthy people worried about US government debt levels were the probable drivers of a record second quarter in demand after their purchase in Q2 was almost 5 times higher than a year earlier .
Gold ETFs had five consecutive weeks of inflows totalling 39 tonnes in June and July, following two years of consistent selling. Moreover central banks net buying hit a record level for the first half of this year.
The Congressional Budget Office projects US debt will surpass its second world war high of 106 per cent of gross domestic product in 2029. The fiscal burden was on a unsustainable trajectory.
Bullion held above the 50 SMA which helped stem its declines from early this month. It will unlikely see big price swings ahead of the Fed meeting, so any significant deviation from $2,400 may be short-lived.
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