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Commodity News

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(08 Mar 2024, 16:13)

Precious Metals Preview: Gold Prices Surge to New All-Time Highs Near $2180

Gold prices soared to new all-time highs around $2,180 an ounce, buoyed by a weakening dollar and falling Treasury yields. This week, the precious metal has gained over $80, driven by expectations of potential interest rate cuts by the Federal Reserve. Fed Chair Jerome Powell's recent Senate testimony suggested a readiness to adjust policy if inflation softens. Investor focus now turns to the eagerly awaited February jobs report for deeper insights into the US labor market. Meanwhile, traders are increasingly betting on a June rate cut by the European Central Bank, following the bank's downward revisions of its inflation and GDP growth forecasts. MCX April Gold futures have already breached Rs 65500 yesterday and should face upper resistance near Rs 65700 and Rs 65800 levels.
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