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Gold Futures Tumble Ahead of Fed Decision Amidst Easing Middle East Tensions

Published on Apr 30, 2024 14:09

Gold futures plummeted in electronic trades today as investors positioned themselves ahead of the Federal Reserve`s policy decision and non-farm payrolls data later this week. The Fed is expected to maintain its benchmark interest rate steady, with only one rate cut anticipated for the year, contrasting earlier expectations of three cuts. The decline was exacerbated by reduced safe haven demand amid easing tensions between Israel and Hamas, though ongoing conflicts in the region tempered optimism. MCX June futures fell below Rs 71,000 per 10 grams, down Rs 612 per 10 grams.

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