GOLD NEARS ALL-TIME HIGHS AHEAD OF KEY INFLATION REPORT

Published on Sep 11, 2024 14:33

Gold surged close to its all-time highs, reaching approximately $2555 per ounce on Wednesday as traders awaited the US inflation report. The dollar index fell below 101.03, reflecting market reactions to the sole US presidential debate between Kamala Harris and Donald Trump. With a 66% probability of a 25 basis point rate cut and a 34% chance for a 50 bps reduction, the market is adjusting its expectations for Fed policy. Fed Governor Christopher Waller indicated a willingness for significant policy easing if necessary. MCX October bullion futures also climbed, up over Rs 200 to Rs 72126 per 10 grams.