GOLD SUPPORTED AROUND $2600 MARK AS DOLLAR SLUMPS AHEAD OF FED

Published on Sep 16, 2024 17:34

Gold futures are hovering at lifetime highs above $2600 mark on Monday, driven by a weaker dollar and lower bond yields. The metal spiked around 1.20% on Friday, breaking above $2600 per ounce mark for the first time. It had jumped 1.5% on Thursday as well. This record-setting rise came in anticipation of more aggressive Federal Reserve rate cuts, following new economic data. The dollar index fell under 101 mark as expectations grew for the Fed`s actions, contributing to gold`s surge. The US dollar index continued to slide as focus stayed on upcoming US Fed interest rate decision. Dollar index currently trades down 0.50% at 100.30 mark. Dollar index is at its nine month low right now. MCX Gold futures are flat at Rs 73520 per 10 grams after hitting above Rs 73700 per 10 grams in intraday moves.