GOLD CONSOLIDATES AROUND $2600 PER OUNCE

Published on Sep 17, 2024 14:31

Gold futures are holding just under record highs above $2600 mark as a weaker dollar and lower bond yields continue to offer a good boost to the metal. Gold is soaring in anticipation of more aggressive Federal Reserve rate cuts, following new economic data. The dollar index fell under 101 mark as expectations grew for the Fed`s actions, contributing to gold`s surge. The US Dollar index is at its nine month low right now. Gold is up 3% this month and has recorded a sharp spike of 25% in the current calendar year. Meanwhile, Bitcoin has been facing resistance around $60000 mark this week as markets gear for major central banking decisions. Gold has been turning higher in tune with the major commodities like Oil, Copper and Silver with falling US dollar primarily boosting the appeal of commodities.