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GOLD REBOUNDS TO $2750 AMID GEOPOLITICAL TENSIONS

Published on Oct 24, 2024 14:56

Gold prices bounced back above $2750 per ounce in Asia electronic trades on Thursday after correcting from the fresh highs of $2772 yesterday The decline of over 1% was driven by a stronger US dollar, which rallied to 104.2, and rising Treasury yields. The dollar`s strength reflects expectations that the Federal Reserve will remain cautious in further monetary easing, keeping gold`s gains in check. However, ongoing geopolitical tensions in the Middle East, along with uncertainties surrounding the US presidential election, continue to support gold�s safe-haven appeal, preventing deeper losses. Domestic bullion futures were just a shy away from Rs 79000 per 10 grams mark yesterday and were seen trading up by Rs 558 per 10 grams.

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