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As on : 25-Sep-2024
Other Markets - Bullion Markets
25-Sep-2024     14:25

Domestic bullion hits record ₹76000, global gold nears $2700 on Fed easing hopes

Gold soared close to $2700 per ounce in electronic trades on Wednesday, reaching new record highs as expectations of further monetary easing and escalating geopolitical tensions drove demand for the safe-haven asset. Domestically, MCX October bullion futures touched a fresh lifetime high of ₹76,000 per 10 grams. The People's Bank of China also announced its largest stimulus package since 2020, further highlighting global economic uncertainties. Rising violence in the Middle East is adding to gold's allure, strengthening its safe-haven status. A sharper-than-expected drop in US consumer confidence bolstered a dovish outlook for the Federal Reserve, reinforcing the potential for another rate cut. Investors now await key economic data, including the PCE inflation report, for further cues.

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