(19 Sep 2024, 14:51)

Gold surges past $2600 on Fed rate cut, MCX nears Rs 73,000

Gold prices surged above $2600 per ounce on Thursday, driven by the Federal Reserve's significant 50 basis point rate cut, its first since the pandemic’s onset. The dollar index slipped below 101, easing pressure on commodities like gold, which saw renewed investor interest due to the lower opportunity cost of holding non-yielding assets. The Fed’s decision aims to support the economy while keeping inflation in check, though Chair Powell stressed caution on future policy changes. Meanwhile, MCX October bullion futures jumped past Rs 73,000 per 10 grams, still trailing the all-time high of Rs 75,128 reached in July.

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Gold surges past $2600 on Fed rate cut, MCX nears Rs 73,000