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As on : 12-Apr-2024
Other Markets - Bullion Markets
12-Apr-2024     13:54

Gold Surges Above $2400 on Middle East Tensions

Gold futures rose above $2400 an ounce in Asia, driven by ongoing geopolitical risks, particularly in the Middle East. Tensions escalated after a suspected Israeli airstrike on Iran's embassy in Syria, prompting Iran to vow retaliation. This instability has increased Gold's appeal as a safe-haven asset. The Dollar Index, another safe-haven asset, also rose above 105. Additionally, the U.S. Producer Price Index for March showed a milder-than-expected increase, bolstering hopes for near-term rate cuts by the Federal Reserve and adding to Gold's momentum. MCX June bullion rose Rs 1090 to Rs 72734 per 10 grams.

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