Other Markets - Bullion Markets
Gold faces pressure at $2,665 amid strong dollar, Fed rate cut in focus As on : 07-Nov-24  14:59

Gold prices hovered around $2,665 per ounce on Thursday, stabilizing after a sharp 3% dip that brought prices to a three-week low. This decline was largely driven by a stronger dollar, with the dollar index hitting four-month highs of 105 as it climbed 2% on the heels of Donald Trump's victory in the US presidential election. Investors are factoring in potential inflation and deficit expansion under Trump's expected policies of increased tariffs, tax cuts, and deregulation, which have strengthened the greenback and pressured dollar-denominated assets, including gold. All eyes are now on the Federal Reserve's upcoming policy announcement, where a 25 basis point rate cut is widely anticipated as markets brace for further shifts. In India, MCX December bullion futures were down by Rs 150, holding at Rs 76,505 per 10 grams, reflecting continued investor caution amid global monetary policy adjustments.

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