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Gold Holds Near Record as Rate Cut Hopes Rise As on : 22-Aug-24  15:14

Gold eased to around $2,540 per ounce, staying near record highs as markets reacted to the Fed's dovish stance from the latest FOMC minutes. Most policymakers signaled that a rate cut in September could be on the horizon if economic data meets expectations. Downward revisions in US payrolls heightened concerns about the labor market's ability to withstand high rates, fueling bets on multiple rate cuts. The dollar index fell to a yearly low of 101.1. Meanwhile, MCX October bullion futures dipped by Rs 71 to Rs 71,759 per 10 grams.

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