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Gold soars past $2500 amid safe-haven demand As on : 01-Aug-24  14:03

Gold futures surged past $2500 an ounce on Thursday, driven by safe-haven demand and expectations of a more lenient US monetary policy. The dollar index fell below 104, its lowest in two weeks, following the Federal Reserve's indication of potential rate cuts in September amid improved inflation data. The Fed maintained the fed funds rate and noted progress toward its inflation target. Rising Middle East conflict threats, including the assassination of Hamas leader Ismail Haniyeh, increased gold's safety appeal. MCX October delivery bullion futures climbed above Rs 70,000 per 10 grams but are still below the all-time high of near Rs 75,000.

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