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As on : 19-Dec-2024
Other Markets - Bullion Markets
19-Dec-2024     14:35

Gold retreats to $2,620; MCX slips below ₹76k as fed turns hawkish

Gold tumbled over 1% to $2,620/oz in Asia, extending a 2% slump from Wednesday, as the Fed's hawkish stance dampened bullion's shine. Domestic futures dropped below ₹76,000/10g, hitting a session low of ₹75,753, with potential support near ₹75,100. The Fed's projections of just two rate cuts in 2025, backed by strong GDP growth and sticky inflation, pressured demand for the non-yielding asset. Meanwhile, a surging dollar at its highest since November 2022 added further weight. Despite the dip, gold remains on track for a dazzling 30% annual gain, its best in 14 years. All eyes now turn to US GDP and inflation data for fresh monetary policy cues.

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