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Gold sees first monthly drop in four months amid robust dollar
29-Nov-2024, 02:27
Gold prices hovered near $2700 per ounce on Friday, lifted by a weaker US dollar and escalating geopolitical tensions. President Putin's missile strike warning and renewed Israel-Hezbollah ceasefire violations bolstered safe-haven demand. However, gold is on track for a weekly loss of over 1%, with traders eyeing US economic data for Fed policy cues. November marks the metal's first monthly drop in four months. Meanwhile, the dollar index slipped below 106, losing 1.5% this week but still up 2% for November, driven by inflationary bets following Trump's election win. On MCX, December gold futures rebounded above ₹77,000 per 10 grams, recovering from lows near ₹75,000.
Gold prices hovered near $2700 per ounce on Friday, lifted by a weaker US dollar and escalating geopolitical tensions. President Putin's missile strike warning and renewed Israel-Hezbollah ceasefire violations bolstered safe-haven demand. However, gold is on track for a weekly loss of over 1%, with traders eyeing US economic data for Fed policy cues. November marks the metal's first monthly drop in four months. Meanwhile, the dollar index slipped below 106, losing 1.5% this week but still up 2% for November, driven by inflationary bets following Trump's election win. On MCX, December gold futures rebounded above ₹77,000 per 10 grams, recovering from lows near ₹75,000.
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