18-Jul-2024      14:04

Gold Holds Near Record Highs Amid Fed Rate Cut Speculation

Gold prices remained steady near record highs in Asia, with international futures at $2476 per ounce and domestic prices at Rs 74448 per 10 grams. The sharp drop in the dollar, driven by expectations of Federal Reserve rate cuts in September, supported the yellow metal. The dollar index fell below 103.5, its lowest in four months, as traders bet on multiple Fed rate cuts this year. Dovish comments from Fed officials, including Chair Jerome Powell, bolstered this sentiment. Powell noted increased confidence that inflation will return to target and emphasized that the Fed will cut rates before inflation hits 2%. Investors are also eyeing US jobless claims data and the European Central Bank's policy decision today.

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