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As on : 22-Nov-2024
Other Markets - Bullion Markets
22-Nov-2024     14:06

Gold rises to $2,700, set for 5% weekly surge

Gold surged to $2,700 per ounce on Friday, extending its rally for the fifth straight session and on track for a 5% weekly gain. In India, MCX gold futures crossed ₹77,000 per 10 grams, up ₹700, as escalating tensions between Russia and Ukraine bolstered safe-haven demand. The conflict saw Ukraine launching Western-supplied missiles and Russia responding with ballistic missile strikes, amplifying geopolitical risks. Fed officials signaled optimism on inflation easing but noted rates could still move lower. Gold's strong performance reflects investor caution amidst rising global uncertainties. Meanwhile, the US dollar index climbed above 107, supported by stronger-than-expected labor data, with jobless claims dropping to a seven-month low.

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