Other Markets - Bullion Markets
Gold scales up fresh highs near $2550 per ounce as dollar tumbles As on : 19-Aug-24  12:57

COMEX Gold futures soared on Friday as a break above $2500 per ounce extended and pushed up the counter to fresh highs near $2550 per ounce. The metal jumped around 1.80% in the session and currently trades slightly higher at $2542 per ounce. The sharp rally was in response to the sustained worries on geopolitical front and deep losses in the US dollar. The dollar index slumped to eight month low under 102 mark as the Atlanta Fed on Friday lowered its third-quarter growth projection for the U.S. economy for a second time in the week. Real gross domestic product seasonally adjusted annual growth estimate, based on the Atlanta Fed's GDPNow model was cut to 2% from 2.4% forecast on August 15. The GDPNow estimate was lowered from the August 8's 2.9%, on Thursday. This has taken a toll on the Dollar index and precious metals are jumping following the twin effects of safe haven buying and dollar weakness.

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