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Gold surges towards $2900, set for 6th consecutive week of gains
07-Feb-2025, 02:09
Gold surged towards $2900 per ounce today, setting new records and on track for its sixth consecutive weekly gain. The rally was fueled by increased safe-haven demand and accelerated central bank purchases, as global trade tensions and economic uncertainties persisted. Central banks, including the ECB, BoE, and BoC, eased monetary policies, while the Reserve Bank of India lowered its key repo rate by 25 basis points, marking its first cut since May 2020. Markets are also anticipating two rate cuts from the Fed this year. Meanwhile, President Trump imposed a 10% tariff on Chinese imports, with Beijing retaliating by targeting US energy goods. Adding to the uncertainty, Trump proposed US control over the Gaza Strip for reconstruction. MCX April bullion futures rose by Rs 84, reaching a high of Rs 84733 per 10 grams.
Gold surged towards $2900 per ounce today, setting new records and on track for its sixth consecutive weekly gain. The rally was fueled by increased safe-haven demand and accelerated central bank purchases, as global trade tensions and economic uncertainties persisted. Central banks, including the ECB, BoE, and BoC, eased monetary policies, while the Reserve Bank of India lowered its key repo rate by 25 basis points, marking its first cut since May 2020. Markets are also anticipating two rate cuts from the Fed this year. Meanwhile, President Trump imposed a 10% tariff on Chinese imports, with Beijing retaliating by targeting US energy goods. Adding to the uncertainty, Trump proposed US control over the Gaza Strip for reconstruction. MCX April bullion futures rose by Rs 84, reaching a high of Rs 84733 per 10 grams.
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