GOLD REACHES NEW HEIGHTS AS SAFE-HAVEN DEMAND SURGES

Published on Sep 24, 2024 15:02

International gold futures soared to record levels above $2,660 per ounce, reflecting increased demand for safe-haven assets amid escalating geopolitical tensions, particularly following the recent Israeli strikes on Lebanon. Notably, MCX October bullion futures traded at ₹74,628, less than ₹500 shy of the all-time high of ₹75,128 reached in July. The market sentiment is further buoyed by expectations of a less restrictive monetary policy, while investors eagerly await the upcoming PCE report for insights into future rate adjustments. The dollar index slipped below 101, contributing to gold`s appeal.