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As on : 08-Nov-2024
Other Markets - Bullion Markets
08-Nov-2024     14:34

Gold eases under $2,700; Fed's rate cut and Dollar impact weigh in

Gold prices dipped below $2,700 per ounce in Asian electronic trading on Friday, facing a 2% weekly loss as the U.S. dollar continued to dominate. The precious metal has experienced selling pressure, driven by the dollar's resilience and profit-taking after last week's record high of $2,801.8 per ounce. The dollar index held steady around 104.4 as markets analyzed the Fed's latest interest rate cut of 25 bps, with Chair Powell stressing the Fed's flexible approach rather than a fixed path. He noted that the recent presidential election, despite expected shifts in tariffs, taxes, and immigration policies, wouldn't impact the Fed's immediate policy plans. In India, MCX gold futures declined by Rs 200 to Rs 77,215 per 10 grams, with support anticipated near Rs 77,000.

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