Other Markets - Bullion Markets
Gold retreats from highs amid profit taking, Dollar strength As on : 25-Oct-24  15:02

Gold futures dropped sharply in Asian electronic trades today as traders booked profits after a rally above $2770 earlier this week. The strengthening US dollar weighed on gold and other dollar-denominated assets, with the dollar index holding near 104 and on track for a fourth weekly gain. This strength reflects tempered expectations for significant Fed rate cuts and rising support for former President Trump's second-term bid. Recent US data also boosted the dollar, with a sharp decline in unemployment claims and an increase in S&P PMI, signaling economic resilience. Still, supporting gold's broader upward momentum are Middle East tensions, concerns over potential conflict escalation, and uncertainties surrounding the US election and central bank easing. On MCX, December bullion futures fell below ₹78,000, down more than ₹400 per 10 grams.

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