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As on : 18-Nov-2024

Other Markets - Bullion Markets
18-Nov-2024 14:16

Geopolitical tensions lift gold and silver amid Fed uncertainty

Gold surged near $2,600 per ounce on Monday, rebounding from its steepest weekly loss since 2021, while silver climbed above $31 per ounce after hitting two-month lows. Investors now await further guidance from Fed policymakers this week. The pause in the dollar's rally, coupled with stronger-than-expected US retail sales data and resilient economic indicators, bolstered precious metals. The dollar index held steady around 106.5, near a two-year high, as expectations of fewer rate cuts and optimism about US economic outperformance under a potential Trump presidency sustained investor interest. Geopolitical tensions, including heightened conflict between Ukraine and Russia and unrest in the Middle East, fueled safe-haven demand for gold and silver. Meanwhile, markets are eyeing China's upcoming LPR decision, anticipating potential stimulus measures to support economic growth. MCX December bullion was seen trading up by Rs 534 at Rs 74480 per 10 grams and benchmark silver futures were up nearly Rs 1000 at Rs 89338 per kg.

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