GOLD STEADIES NEAR RECORD HIGH AMID MIDDLE EAST TENSIONS

Published on Oct 04, 2024 14:19

Gold traded slightly higher in Asian electronic trades on Friday, with markets closely tracking developments in the Middle East. Despite geopolitical concerns driving gold past the $2700 per ounce mark last week, this week saw mostly sideways movement. Domestically, bullion futures for December delivery were last seen up by Rs 127 at Rs 76,371 per 10 grams, nearing the lifetime high of Rs 76,589 hit earlier in the week. Escalating tensions, with Israel vowing to retaliate against Iran, have kept safe-haven demand steady. However, robust US labor market data has dampened gold�s rally as the dollar index traded around 101.7, maintaining a four-session rise ahead of the key September jobs report.