GOLD CLIMBS ON MIDDLE EAST CONCERNS; FED RATE OUTLOOK IN FOCUS

Published on Jul 31, 2024 14:36

Gold futures were seen heading towards the lifetime high of $2488 an ounce, spurred by safe-haven buying amid fears of rising Middle East tensions following the reported assassination of Hamas leader Ismail Haniyeh in Tehran. All eyes are now on the Federal Reserve�s policy meeting, where investors expect no immediate rate change but are looking for clues on a possible rate cut in September. The dollar index is hovering around 104.02 as traders play it safe ahead of the Fed`s announcement. MCX October gold futures are up Rs 330, hitting Rs 69508 per 10 grams.