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Gold steadies near $2715 as uncertainty fuels demand
13-Jan-2025, 02:30
Gold hovered around $2715 per ounce on Monday, supported by safe-haven demand amid uncertainty over the incoming US administration's policies. However, a strong US dollar, bolstered by a robust jobs report and a two-year high dollar index, capped gains. President-elect Trump's proposed tariffs could spur inflation, adding appeal to gold as a hedge. On MCX, February bullion futures jumped nearly Rs 300, peaking at Rs 78,766 per 10 grams, with potential to rise toward Rs 79,300-500 levels if Rs 78,900 is breached. Investors now await US CPI data this week for further clues on Fed policy.
Gold hovered around $2715 per ounce on Monday, supported by safe-haven demand amid uncertainty over the incoming US administration's policies. However, a strong US dollar, bolstered by a robust jobs report and a two-year high dollar index, capped gains. President-elect Trump's proposed tariffs could spur inflation, adding appeal to gold as a hedge. On MCX, February bullion futures jumped nearly Rs 300, peaking at Rs 78,766 per 10 grams, with potential to rise toward Rs 79,300-500 levels if Rs 78,900 is breached. Investors now await US CPI data this week for further clues on Fed policy.
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