Gold Surges $50 Amidst Dollar Plummet to 4-Month Low

Published on Dec 14, 2023 14:10

Gold futures jumped more than $50 an ounce in the mid Asia electronic trades today, hitting its strongest levels in a week as the dollar and Treasury yields weakened sharply after the US Federal Reserve held interest rates steady. Low rates results in softer US dollar, which inturn helps the bullion get stronger. The dollar index fell below 102.5 on Thursday, sliding to its lowest levels in four months as the Federal Reserve held interest rates steady for the third straight meeting and signaled a total of 75 basis points of rate cuts in 2024. The central bank also said that inflation has �eased over the past year� while maintaining its description of prices as elevated. The dollar weakened sharply across the board and tumbled to multi-month lows versus the Australian and New Zealand dollars and the Japanese yen. MCX February bullion ftures were seen trading up Rs 1479 at Rs 62678 per 10 grams.