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Gold Futures Hit Fresh Highs on Fed Rate Cut Hopes
02-Aug-2024, 02:07
Gold futures surged to $2513 per ounce in Asia, on track for a weekly gain of over 5% due to weak US economic data increasing expectations of Federal Reserve rate cuts. The dollar index steadied around 104 after rebounding, supported by safe-haven demand. US manufacturing contracted more than expected in July, with jobless claims rising to 249K, the highest in nearly a year. Investors await the monthly jobs report for further insights. Middle East conflict risks are also boosting gold's safe-haven appeal. MCX October gold futures, which had dropped to Rs 67872 per 10 grams last week, rebounded to trade above Rs 70000, up Rs 631.
Gold futures surged to $2513 per ounce in Asia, on track for a weekly gain of over 5% due to weak US economic data increasing expectations of Federal Reserve rate cuts. The dollar index steadied around 104 after rebounding, supported by safe-haven demand. US manufacturing contracted more than expected in July, with jobless claims rising to 249K, the highest in nearly a year. Investors await the monthly jobs report for further insights. Middle East conflict risks are also boosting gold's safe-haven appeal. MCX October gold futures, which had dropped to Rs 67872 per 10 grams last week, rebounded to trade above Rs 70000, up Rs 631.
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