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As on : 16-Oct-2024
Other Markets - Bullion Markets
16-Oct-2024     14:39

Gold surges to nearly $2700 as Middle East tensions boost safe-haven demand

Gold approached $2700 per ounce in Asia on Wednesday, extending its rally as investors focused on upcoming US retail sales data and a speech from Fed Governor Waller for insights into the Federal Reserve's next moves. Rising geopolitical tensions in the Middle East have bolstered demand for the safe-haven asset. On Tuesday, gold gained as the US dollar and Treasury yields eased following disappointing manufacturing data. Meanwhile, expectations that the Fed will take a cautious approach to further rate cuts have kept the dollar steady. MCX December bullion futures rose by nearly Rs 400, reaching Rs 76,754 per 10 grams.

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