Gold Hits $2050 as Middle East Tensions Drive Safe-Haven Demand

Published on Jan 30, 2024 14:13

Gold futures surged beyond $2050 per ounce in Asian electronic trades, building on a nearly 1% gain in the previous session. The metal`s rally was fueled by escalating conflict in the Middle East, amplifying safe-haven demand. The US dollar`s losses further supported gold prices, adding pressure to the dollar-denominated asset class. Investor caution prevailed ahead of the US Federal Reserve`s monetary policy decision, with expectations of steady interest rates, while attention will be on Fed Chair Jerome Powell`s post-meeting remarks for insights into the potential start of an easing cycle. The MCX April expiry contract traded at Rs 62,551, marking an increase of nearly Rs 200 per 10 grams.