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Weekly Gold Review: Gold rebounds from lows near $2600 mark but ends November with a loss of around 2.7%
30-Nov-2024 14:34
COMEX Gold futures bounced back after falling near $2600 per ounce as escalating geopolitical tensions boosted the safe haven appeal of the metal. The counter ended the month around $2670 per ounce mark. Russian President Putin's missile strike warning and renewed Israel-Hezbollah ceasefire violations triggered a good buying in the metal after a heavy selloff at the start of this week. However, traders are eyeing US economic data for Fed policy cues and a sustained surge in the US dollar over last few weeks has led to a sizable correction in Gold. November marks the metal's first monthly drop in four months with the counter losing around 2.7% this month. The dollar index slipped below 106, losing 1.5% this week but is still up 2% for November, driven by inflationary bets following Trump's election win. On MCX, December gold futures rebounded above Rs 77,000 per 10 grams, recovering from lows near ₹75,000 with a weak Indian Rupee turning in favor of the local futures. Gold traders also assessed latest FOMC minutes. While Fed officials highlighted easing inflation and a steady labor market, the cautious stance on rate cuts was duly noted.

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