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As on : 30-Sep-2024

Other Markets - Bullion Markets
30-Sep-2024 14:30

Gold hits $2708, set for massive Q3 surge amid dollar weakness

Gold futures are closing out September with impressive gains of over 6%, buoyed by fresh highs of $2708.7 per ounce last week. The metal's strong performance, up 14% for the third quarter, reflects heightened expectations for further Federal Reserve rate cuts. As the dollar index posted its third consecutive monthly decline, losing over 5% in Q3, resulting in sharp increase in gold's safe-haven appeal. The slight rise in PCE and core PCE price indices last week, along with softening personal spending and income growth, only strengthened the case for policy easing. Domestically, gold futures surged to an all-time high of Rs 76,527 per 10 grams, in line with international trends. Additionally, China's monetary stimulus and heightened geopolitical risks in the Middle East have further fueled demand for the precious metal, making it an attractive hedge against uncertainty.

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