(21 Apr 2025, 13:04)

Gold breaks above $3400 mark as US dollar crashes, IMF global economic outlook in focus

Sustained losses in the US dollar index are boosting Gold impressively. The metal is holding onto a largely upward trajectory and tested fresh highs above $3400 per ounce today. The metal currently trades up 2.30% amid continued uncertainty surrounding Trump policies and its impact on the US economy. Meanwhile, President Donald Trump criticized Fed Chair Jerome Powell for being too slow to cut interest rates, adding that his removal “can’t come quickly enough.” Dollar index that measures the greenback against a basket of currencies hit a new three-year low and is down more than 1% at around 98 mark. Gold is up around 8% this month. The broad focus has now shifted on the release of International Monetary Fund's Global Economic Outlook for this year. It is likely that rising trade tensions and sweeping shifts in the global trading system will trigger downward revisions of the global growth estimates from the IMF. Meanwhile, MCX Gold futures are up 1.57% at Rs 96750 per 10 grams. The counter had eased around 0.40% in last session.

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Gold breaks above $3400 mark as US dollar crashes, IMF global economic outlook in focus