GOLD JUMPS ABOVE $2350 AS MARKETS EYE FOMC STATEMENT

Published on Jul 03, 2024 15:39

Gold futures soared past $2350 in Asian electronic trades today, reflecting bullish sentiment across the metals segment as the dollar weakened ahead of the much-anticipated FOMC statement. The dollar index dipped below 105.3, with investors closely monitoring the Federal Reserve`s next moves on monetary policy. Fed Chair Jerome Powell has acknowledged significant progress on tackling inflation but stressed the need for more assurance before considering interest rate cuts. Market participants are eagerly awaiting the latest FOMC minutes, additional jobs data on Wednesday, and the nonfarm payrolls report on Friday for clearer guidance. On the geopolitical front, the ongoing tensions in the Middle East, particularly Israel`s siege on Gaza, have added to gold`s appeal as a safe haven. Meanwhile, domestic bullion futures for August delivery surged past the Rs 72,000 per 10 grams mark, underscoring the robust demand for the precious metal in uncertain times.