Gold Surges to Fresh Peaks; MCX Approaches Rs 71,500 Mark

Published on Apr 09, 2024 14:21

Gold futures surged to yet another new highs in the Asia electronic trades today, rising to as high as $ 2378.20 per ounce, fuelled by central bank purchases. Even the strong economic data and firmness in the US dollar index also failed to dull pull the bullion futures down. Meanwhile, the domestic bullion futures jumped near Rs 71500 per 10 grams boosted by buying on accession of Gudi Padwa in India. The People`s Bank of China continued its streak of increasing gold reserves for the 17th consecutive month, bringing its total reserves to 72.75 million troy ounces in March. Investors now await the Federal Reserve�s policy meeting minutes and key inflation data due later this week, which could give cues on the timing and depth of the widely expected rate cuts.