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Gold spikes amid Middle East turmoil and china's gold purchase
09-Dec-2024, 02:17
Gold surged above $2,670 per ounce on Monday, fueled by safe-haven buying amid geopolitical unrest following the ousting of Syria's President Bashar al-Assad, which heightened Middle East instability. China's central bank resuming gold purchases in November after a six-month hiatus also lifted prices. Silver followed suit, climbing past $31.82 per ounce, with investors eyeing US inflation data and China's Central Economic Work Conference this week. On monetary policy, the FedWatch tool shows markets heavily favoring a 25bps rate cut at the year-end meeting. In India, MCX bullion futures neared the ₹77,000 per 10 grams mark, rising ₹315.
Gold surged above $2,670 per ounce on Monday, fueled by safe-haven buying amid geopolitical unrest following the ousting of Syria's President Bashar al-Assad, which heightened Middle East instability. China's central bank resuming gold purchases in November after a six-month hiatus also lifted prices. Silver followed suit, climbing past $31.82 per ounce, with investors eyeing US inflation data and China's Central Economic Work Conference this week. On monetary policy, the FedWatch tool shows markets heavily favoring a 25bps rate cut at the year-end meeting. In India, MCX bullion futures neared the ₹77,000 per 10 grams mark, rising ₹315.
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