31-Jul-2024      14:36

Gold climbs on Middle East concerns; Fed rate outlook in focus

Gold futures were seen heading towards the lifetime high of $2488 an ounce, spurred by safe-haven buying amid fears of rising Middle East tensions following the reported assassination of Hamas leader Ismail Haniyeh in Tehran. All eyes are now on the Federal Reserve's policy meeting, where investors expect no immediate rate change but are looking for clues on a possible rate cut in September. The dollar index is hovering around 104.02 as traders play it safe ahead of the Fed's announcement. MCX October gold futures are up Rs 330, hitting Rs 69508 per 10 grams.

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