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As on : 06-Feb-2025
Other Markets - Bullion Markets
06-Feb-2025     14:49

Gold pulls back from $2,900 peak; MCX bullion nears milestone

Gold edged lower by around half a percent in electronic trading today as traders booked profits after the metal surged past $2,900 to a record high. However, the metal remained firm as weaker-than-expected US services data fueled expectations of two Federal Reserve rate cuts this year. Global central banks are also easing policy, with the ECB and BoC already cutting rates, and the RBI and BoE likely to follow this week. Meanwhile, the dollar rebounded to 107.8 after three days of losses, as US-China trade tensions softened following cautious tariff measures. Geopolitical risks remained elevated, with Trump hinting at US control over Gaza and expressing interest in a new nuclear deal with Iran. On MCX, April bullion futures are nearing the key ₹85,000 per 10 grams level.

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