Gold Slips as Dollar Strengthens, Achieves 15% Gain in 2024

Published on Apr 19, 2024 14:23

Gold futures traded lower in Asia as the dollar continued to strengthen. Despite this, gold was supported by safe-haven demand amid rising geopolitical risks in the Middle East. The metal has gained over 15% so far this year. Recent geopolitical events include Israeli missiles targeting a site in Iran, believed to be in retaliation for an attack on Iran`s embassy in Syria. The dollar index also rose, nearing its highest levels in over five months, as investors reconsidered expectations for Federal Reserve rate cuts. MCX June gold futures were down Rs 62 at Rs 72,621 per 10 grams.