Gold Surges to Record Highs as Dollar Weakens on Rate Cut Expectations

Published on Mar 07, 2024 14:10

Gold futures continued their upward trend in Asian electronic trading, reaching new all-time highs. This surge was fueled by the U.S. dollar`s decline to around 103.2, its lowest level in a month, amid expectations that the Federal Reserve will soon cut interest rates due to economic concerns. Fed Chair Jerome Powell`s comments about potentially easing restrictive policy further supported gold`s climb. Market attention shifted to Powell`s Senate appearance and upcoming economic data releases. Investors also awaited the European Central Bank`s policy decision and assessed strong Chinese trade figures. MCX April bullion futures rose to Rs 65,525 per 10 grams, up Rs 302.