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Gold Prices Surge Above $2375, Set for Weekly Gain

Published on Jul 05, 2024 14:12

Gold futures surged in Asia electronic trading today, surpassing $2375 per ounce, marking their highest levels in two weeks. The upward momentum comes amidst heightened investor anticipation of the upcoming US monthly jobs report, which could significantly impact expectations regarding Federal Reserve interest rate cuts for the remainder of the year. Concurrently, the dollar index maintained its recent decline below 105, lingering at three-week lows, as market participants awaited crucial labor market data. Geopolitical tensions in the Middle East have also bolstered gold prices, spurred by Israel`s recent military actions against Hezbollah, prompting retaliatory measures. Meanwhile, on the domestic front, MCX August delivery bullion futures saw robust trading, climbing by Rs 208 to Rs 72,575 per 10 grams.

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