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Gold dips below $2750 as Middle East tensions calm As on : 28-Oct-24  14:34

Gold prices slipped under $2750 per ounce on Monday as the safe-haven allure weakened following Israel's restrained strikes on Iran, which bypassed crucial oil and nuclear sites, easing fears of a major escalation. Tehran's lack of immediate retaliation further soothed investor nerves. MCX December bullion futures slipped near Rs 78000 per 10 grams, whereas the silver futures slipped near Rs 96000 per kg levels. The dollar index climbed to around 104.5 on Monday, marching toward three-month highs and tracking a rally in Treasury yields driven by signs of a resilient US economy and bets on a Trump victory in the Nov. 5 election. On the political front, market odds suggest that Trump will retake the White House in November. All eyes now turn to critical U.S. data releases, with PCE inflation, Q3 GDP estimates, and payrolls in focus to gauge the Fed's next moves on rates.

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