COMEX GOLD HOLDS NEAR $2680 PER OUNCE

Published on Oct 07, 2024 17:16

COMEX Gold edged higher on Monday but gains were limited as US dollar regained appetite tracking US treasury yields after upbeat US monthly employment details released on Friday forced investors to price out the possibility of another oversized interest rate cut by the Federal Reserve. US 10 year yields hit two month high of 4% amid an uptick in crude oil prices and firm labor market cues. US dollar index stayed supported after hitting six week high. The US Dollar index currently hovers around 102.32, up marginally on the day. Gold is witnessing limited gains and the counter is quoting at $2677 an ounce, up 0.36% on the day. Meanwhile, Hong Kong`s Hang Seng index rose 1.60%, adding to recent gains. Japanese Nikkei index also spiked 1.80%. European markets eased marginally today. The US stock markets edged up steadily on Friday; with the major averages recording a firm close as impressive upbeat non-farm payroll data helped offset concerns about Middle East tensions. This made the indices recoup some of the recent losses after a choppy start to the October quarter trading. The Dow ended at a fresh record high at 42,352.75, adding 0.81% on the day.