Gold Hits Another Record, Surpasses Rs 71k on MCX

Published on Apr 08, 2024 14:08

Both international and domestic gold futures surged today, reaching new heights as investors analyzed the impact of a stronger-than-expected US jobs report on potential interest rate cuts. The US dollar index also continued its uptrend, rising back above 104 reducing the immediate need for rate cuts in June. Focus now turns on the upcoming March minutes and speeches from Federal Reserve officials to gauge the potential rate-cut timetable. Last week the Minneapolis Fed President Neel Kashkari suggested that if inflation remains high, rate cuts may not be necessary in 2024. Fed Chair Jerome Powell also echoed this, stating that more evidence of sustainable inflation near the 2% target is needed before considering rate cuts. MCX June bullion futures jumped past Rs 71000 per grams and was last seen up Rs 900.