Gold Inches Up to $2400 on Weak Dollar and Geopolitical Tensions

Published on Apr 18, 2024 14:21

Gold edged higher to $2400 per ounce on Thursday, supported by a weakening dollar index. The dollar index fell for the second consecutive session, remaining below 106, but still close to over five-month highs. Federal Reserve Chair Jerome Powell`s comments, signaling no rush to cut interest rates, further bolstered the dollar. Concerns about the Middle East conflict spreading to other regions boosted demand for safe-haven assets, with strong central bank purchases also supporting gold. In MCX June delivery bullion futures, prices rose by around Rs 100, reaching a high of Rs 72655 per 10 grams.