Gold Rockets Above $2300 on Safe-Haven Surge Amid Geopolitical Worries

Published on Apr 03, 2024 15:08

Gold futures soared to a new record above $2300 an ounce in Asian trading, driven by heightened demand for safe-haven assets amid escalating geopolitical tensions in the Middle East and Ukraine. Investors are eagerly anticipating the US March jobs report and statements from Federal Reserve officials, including Chair Powell, for insights into the future path of interest rates. The dollar index remained stable near a five-month high as traders digest strong US economic data and reassess their expectations for interest rate cuts. San Francisco Fed President Mary Daly and Cleveland Fed President Loretta Mester`s comments on potential rate cuts further influenced market sentiment. MCX June bullion futures also surged, hitting a session high of Rs 69,478 per 10 grams.