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Commodity News Details
Weekly Gold Review: COMEX futures supported after hitting record high
05-Oct-2024 13:04
Gold stayed supported after hitting record highs with markets closely tracking developments in the Middle East. Geopolitical concerns drove gold past the $2700 per ounce mark though a sharp spike in the US dollar index thereafter led to some sideways movement. Domestically, bullion futures for December delivery broke above Rs 76000 per 10 grams mark comfortably. Escalating tensions, with Israel vowing to retaliate against Iran, have kept safe-haven demand steady. Limiting further gains, however, were remarks from Fed Chair Powell, who downplayed the likelihood of aggressive future rate cuts, signaling that upcoming cuts would likely be smaller.

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