GOLD SURGES ABOVE $2740 AMID US INFLATION FEARS

Published on Dec 11, 2024 14:14

Gold extended its rally above $2,740 per ounce in Asia trades, gaining for the fourth consecutive session as investors prepared for a critical US inflation report. A higher-than-expected inflation reading could delay the Federal Reserve�s plans to ease borrowing costs, lending support to the dollar, which steadied around 106.3 after three days of gains. Escalating geopolitical tensions in the Middle East, driven by reports of Syria�s regime collapse and ongoing Israeli airstrikes, further boosted gold�s safe-haven appeal. Traders are also closely monitoring policy decisions from the ECB and BoC this week, both anticipated to cut rates. Meanwhile, developments from China�s Central Economic Work Conference, following Beijing�s recent monetary support pledges, remain in focus. On the domestic front, MCX February bullion futures surged ₹252 to approach ₹79,000 per 10 grams.