07-Mar-2024      14:10

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

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.

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