GOLD REBOUNDS ON GEOPOLITICAL TENSIONS, EYES ON ECONOMIC DATA

Published on Oct 01, 2024 14:57

Gold futures rallied near $2670 per ounce in Tuesday�s Asian electronic trades, recovering after two straight sessions of losses. Rising geopolitical risks in the Middle East, particularly after Lebanese troops withdrew from the Israeli border and an Israeli ground invasion loomed, have reignited demand for safe-haven assets. This follows the escalation of tensions after Israel`s targeted killing of Hezbollah`s leader. Limiting further gains, however, were remarks from Fed Chair Powell, who downplayed the likelihood of aggressive future rate cuts, signaling that upcoming cuts would likely be smaller. MCX December gold futures rose Rs 249 to Rs 75860 per 10 grams. Investors are now closely watching key economic releases, including the US jobs report, JOLTS, and ISM data, which could impact market sentiment.