03-Feb-2025      15:22

Dollar surge rattles gold, prices tumble from peak

Gold tumbled to $2,780 per ounce as the U.S. dollar soared, crushing safe-haven demand amid escalating trade war fears. Profit-taking added to the drop after gold's record high of $2,862.90. The dollar index surged past 109.75, nearing a two-year peak, following President Trump's sweeping tariffs on Canada, Mexico, and China. Retaliation looms as Canada and Mexico plan countermeasures, while China prepares a WTO challenge. Investors now eye Friday's nonfarm payrolls for clues on monetary policy. Meanwhile, MCX bullion futures defied the trend, rising Rs 547 to Rs 82,851 per 10 grams.

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