GOLD RISES TO $2,700, SET FOR 5% WEEKLY SURGE

Published on Nov 22, 2024 14:06

Gold surged to $2,700 per ounce on Friday, extending its rally for the fifth straight session and on track for a 5% weekly gain. In India, MCX gold futures crossed ₹77,000 per 10 grams, up ₹700, as escalating tensions between Russia and Ukraine bolstered safe-haven demand. The conflict saw Ukraine launching Western-supplied missiles and Russia responding with ballistic missile strikes, amplifying geopolitical risks. Fed officials signaled optimism on inflation easing but noted rates could still "move lower." Gold�s strong performance reflects investor caution amidst rising global uncertainties. Meanwhile, the US dollar index climbed above 107, supported by stronger-than-expected labor data, with jobless claims dropping to a seven-month low.