Gold Surges Above $2400 on Middle East Tensions

Published on Apr 12, 2024 13:54

Gold futures rose above $2400 an ounce in Asia, driven by ongoing geopolitical risks, particularly in the Middle East. Tensions escalated after a suspected Israeli airstrike on Iran`s embassy in Syria, prompting Iran to vow retaliation. This instability has increased Gold`s appeal as a safe-haven asset. The Dollar Index, another safe-haven asset, also rose above 105. Additionally, the U.S. Producer Price Index for March showed a milder-than-expected increase, bolstering hopes for near-term rate cuts by the Federal Reserve and adding to Gold`s momentum. MCX June bullion rose Rs 1090 to Rs 72734 per 10 grams.