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As on : 17-Oct-2024
Other Markets - Bullion Markets
17-Oct-2024     14:14

Gold steady amid fed rate cut expectations and geopolitical risks

Gold traded near $2,665 per ounce on Wednesday, steadying after Tuesday's gains, as investors awaited key signals on the Federal Reserve's policy direction. The metal benefited from a dip in the US dollar, triggered by disappointing manufacturing data. The NY Empire State Manufacturing Index fell to its lowest in five months, signaling a contraction in New York's business activity after showing growth in September. Looking ahead, US retail sales data set for release on Thursday and a speech by Fed Governor Waller on Friday are expected to offer further market insights. Meanwhile, geopolitical tensions in the Middle East continue to provide upward support for gold.

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