GOLD GAINS ON RATE CUT EXPECTATIONS AND MIDDLE EAST TENSIONS

Published on Aug 08, 2024 15:27

Gold prices edged closer to $2440 an ounce in Asia today, paring losses from the previous session as speculation of US interest rate cuts grew. The prospect of lower rates enhances the appeal of non-yielding assets like gold. The US dollar`s decline, down 1% so far this month, further supports gold and other dollar-denominated commodities. Investors are closely monitoring Thursday�s jobless claims data to confirm signs of economic slowdown, particularly in employment. Additionally, escalating tensions in the Middle East continue to bolster gold�s upward momentum. On the domestic front, MCX October bullion futures rose by Rs 16 to Rs 68981 per 10 grams.