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Gold shy away from $2600, MCX prices exceed Rs 73000 as Fed rate cut looms As on : 13-Sep-24  15:08

Gold futures approached $2600 per ounce on Friday, driven by a weaker dollar and lower bond yields. This record-setting rise came in anticipation of more aggressive Federal Reserve rate cuts next week, following new economic data. The MCX gold futures also saw a significant increase, surpassing Rs 73000 per 10 grams, although they are still below the all-time high of over Rs 75000. The dollar index fell to 101 as expectations grew for the Fed's actions, contributing to gold's surge. In the US, rising jobless claims and weak payrolls data indicated a cooling labor market, while slightly higher producer prices and a 25 bps rate cut by the ECB pointed to easing inflation trends.

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