GOLD NEARS $2550 AS FED RATE CUT HOPES SURGE

Published on Sep 06, 2024 14:05

Gold prices rebounded to near $2550 per ounce on Friday, reaching one-week highs as traders await the US jobs report, which could fuel expectations of a major Fed rate cut. Weak US labor data, including ADP`s slowest hiring pace in 3.5 years, raised concerns about economic health. This, along with declining job openings and sluggish manufacturing, has strengthened the case for a 50 bps rate cut. Meanwhile, MCX October bullion futures bounced above Rs 72000 per 10 grams and are set to end the week higher.