Mumbai, Feb. 5 -- Gold experienced a decline of over $15 per ounce in Asia's electronic trades, extending Friday's losses driven by robust US economic data, including a significant increase of 353K jobs in January. Federal Reserve Chair Jerome Powell, in a "60 Minutes" interview, reiterated the central bank's plan to cut interest rates three times in 2024, starting as early as May. Powell, emphasizing the robust job market and economy, dismissed recession concerns, attributing past inflation surges to pandemic-induced disruptions. With inflation easing, the Fed aims to lower the benchmark rate from 5.4% to around 4.6% by the end of 2024. Domestic gold futures on MCX traded down Rs 300 at Rs 62,262 per 10 grams.
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