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As on : 06-Aug-2024
Other Markets - Bullion Markets
06-Aug-2024     14:57

Gold futures rise after three-day decline

Gold futures inched up in Asian electronic trades on Tuesday, rebounding after three consecutive sessions of decline. The metal, which has dropped nearly 3% from last week's record high of $2522.5 per ounce, found support from growing recession fears and expectations of multiple rate cuts by the Federal Reserve. Investors are pricing in over 100 basis points of easing this year, with a significant 50 basis point rate cut anticipated in September. Additionally, San Francisco Fed President Mary Daly signaled openness to rate cuts, emphasizing a proactive policy approach. Elevated Middle East tensions further boosted gold's safe-haven appeal. MCX October bullion futures traded slightly higher at Rs 69,435 per 10 grams.

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