Gold outlook remains weak for the coming week; resistance seen at $1950-1980 region https://ift.tt/VpB0JfE closed the week with a nearly 2% loss as investors were concerned about the UK's elevated inflation, which is likely to prompt a more aggressive rate hike by the Bank of England amid slowing growth. The Euro-zone manufacturing PMI data fell to a three-year low due to high borrowing costs, while Germany's manufacturing PMI came in worse than expected. Although the US PMI data was somewhat better than its European counterparts, US yields fell on recession fears, thereby helping gold recover from its cyclical low. In the near term, the outlook for gold remains weak, though yields could be the main driver in the very short term.
Government's cash surplus tops Rs 3.4 lakh crore https://ift.tt/54P3HSG from the deceleration in government spending, higher direct tax collections and a likely sharp rise in issuances of Treasury Bills by the Centre in FY24 were factors pushing up the government's cash balances, analysts said. The flow of government cash balances to and from the banking system is a key factor that influences liquidity conditions.
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