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As on : 21-Mar-2024
Other Markets - Bullion Markets
21-Mar-2024     13:59

Gold Skyrockets Above $2,225 on Fed's Dovish Outlook

Gold soared above $2,225 an ounce to hit new record highs as the US Federal Reserve signaled it would maintain its dovish stance with three interest rate cuts this year. The dollar's sharp decline, falling below 103 on the index, further supported gold's rally as a dollar-denominated asset. The Fed's decision to hold rates in March, coupled with expectations of future cuts, boosted gold's appeal as an inflation hedge. Other central banks, like the People's Bank of China and the Bank of Japan, maintained their rates, while the Bank of England's decision is awaited. Domestic gold futures surged to nearly Rs 67,000 per 10 grams on the Multi Commodity Exchange.

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