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Gold Nears Record Highs on Powell's Rate Cut Hints As on : 16-Jul-24  14:58

Gold futures surged close to lifetime highs after Federal Reserve Chair Jerome Powell hinted at potential interest rate cuts. Powell noted that recent data 'add somewhat to confidence' that inflation is nearing the target, and the Fed might not wait for inflation to hit 2% before cutting rates. Investors are now awaiting US retail sales data due at 12:30 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction. Meanwhile, gold could face pressure from a stronger dollar and rising Treasury yields. The dollar index rose above 104, gaining for the second straight session, partially due to increased odds of a Trump win after a failed assassination attempt. MCX August bullion futures were just Rs 1000 shy of the all-time high of Rs 74696 set on May 20, 2024.

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