GOLD EASES UNDER $2,700; FED`S RATE CUT AND DOLLAR IMPACT WEIGH IN

Published on Nov 08, 2024 14:34

Gold prices dipped below $2,700 per ounce in Asian electronic trading on Friday, facing a 2% weekly loss as the U.S. dollar continued to dominate. The precious metal has experienced selling pressure, driven by the dollar`s resilience and profit-taking after last week`s record high of $2,801.8 per ounce. The dollar index held steady around 104.4 as markets analyzed the Fed`s latest interest rate cut of 25 bps, with Chair Powell stressing the Fed�s flexible approach rather than a fixed path. He noted that the recent presidential election, despite expected shifts in tariffs, taxes, and immigration policies, wouldn�t impact the Fed�s immediate policy plans. In India, MCX gold futures declined by Rs 200 to Rs 77,215 per 10 grams, with support anticipated near Rs 77,000.