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As on : 08-Aug-2024
Other Markets - Bullion Markets
08-Aug-2024     15:27

Gold gains on rate cut expectations and Middle East tensions

Gold prices edged closer to $2440 an ounce in Asia today, paring losses from the previous session as speculation of US interest rate cuts grew. The prospect of lower rates enhances the appeal of non-yielding assets like gold. The US dollar's decline, down 1% so far this month, further supports gold and other dollar-denominated commodities. Investors are closely monitoring Thursday's jobless claims data to confirm signs of economic slowdown, particularly in employment. Additionally, escalating tensions in the Middle East continue to bolster gold's upward momentum. On the domestic front, MCX October bullion futures rose by Rs 16 to Rs 68981 per 10 grams.

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