GOLD FALLS HARD AFTER HITTING $2400 MARK

Published on Jul 08, 2024 15:13

Gold futures plummeted following profit-taking after reaching the psychological $2400 mark in the previous session. The bullion had surged close to record levels due to a sharp drop in the US dollar and ongoing geopolitical concerns. The dollar index remained below 105 after a nearly 1% loss last week, driven by soft US economic data and a dovish Federal Reserve outlook. The US unemployment rate climbed to a 2-�-year high of 4.1% in June, indicating a cooling labor market. Weak services activity and private employment data further contributed to the bearish sentiment. MCX August bullion futures were trading down Rs 346 at Rs 72,705 per 10 grams.