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GOLD SEES FIRST MONTHLY DROP IN FOUR MONTHS AMID ROBUST DOLLAR

Published on Nov 29, 2024 14:27

Gold prices hovered near $2700 per ounce on Friday, lifted by a weaker US dollar and escalating geopolitical tensions. President Putin�s missile strike warning and renewed Israel-Hezbollah ceasefire violations bolstered safe-haven demand. However, gold is on track for a weekly loss of over 1%, with traders eyeing US economic data for Fed policy cues. November marks the metal`s first monthly drop in four months. Meanwhile, the dollar index slipped below 106, losing 1.5% this week but still up 2% for November, driven by inflationary bets following Trump�s election win. On MCX, December gold futures rebounded above ₹77,000 per 10 grams, recovering from lows near ₹75,000.

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