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As on : 02-Jan-2025

Other Markets - Bullion Markets
02-Jan-2025 15:03

Gold climbs above $2650; hits ₹77,000 on MCX

Gold prices climbed above $2,650 per ounce in Asia's electronic trades on Thursday, building on its stellar 27% rally in 2024. The surge has been underpinned by aggressive US monetary easing, escalating geopolitical tensions, and record-breaking central bank gold purchases. Notably, gold demonstrated remarkable resilience last year, advancing despite a stronger dollar and elevated Treasury yields. The dollar index eased to 108.2, signaling a subdued start to 2025 after a 7% gain in the previous year. Domestically, MCX gold futures extended their upward momentum, trading above ₹77,000 per 10 grams, with an immediate resistance zone anticipated around ₹77,200'₹77,300. Market participants now await US jobless claims data for further cues on labor market strength, while the Federal Reserve's cautious stance on rate cuts amid inflationary concerns keeps investors vigilant.

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