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Gold races to $2080 mark as Fed hints at pause

Published on May 04, 2023 18:14

The MCX Gold futures soared above Rs 61000 per 10 grams mark to hit a record high as COMEX Gold jumped near $2085 per ounce today in Asia. The metal has moved up by around $100 per ounce this week with the break above $2000 per ounce mark getting a further boost on hopes that the US Fed might be heading towards a pause in its interest rate hike campaign that has pushed the borrowing costs near highest in one and half decades. The yellow metal also tracked continued worries on the US debt front. If the US government`s legal borrowing limit of $31.4 trillion is not raised or suspended in the next few weeks, it could lead to a wide scaled panic and Gold buyers seem to be already willing to push up the prices of the yellow metal as a safe haven. The US dollar index slumped under 101 mark yesterday and while is currently quoting at 101.20, the overall trend in the dollar looks tepid ahead of the non-farm payrolls data tomorrow.

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