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Gold jumps $50 as dollar hits 3-year low
01-Jul-2025 14:48
Gold surged over to cross $3350 per ounce on Tuesday, driven by a tumbling US dollar and renewed bargain buying after last week's 3% drop. The dollar index slipped to 96.1, its lowest since February 2022, amid rising concerns over the US fiscal outlook and stalled trade negotiations. Investors are closely watching the Senate's debate on President Trump's $3.3 trillion tax-and-spend plan and the nearing expiry of a 90-day tariff reprieve. On MCX, August gold futures rose over 1% to ₹97116 per 10 grams. The safe-haven demand also saw a lift as markets remained cautious ahead of a string of US labor reports. Thursday's non-farm payrolls data is expected to offer further cues on the Fed's policy stance and could determine the next leg of movement in gold prices.

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