Gold rallies near $3400 as Fed pivot bets firm up

Gold climbed toward $3400 per ounce on Thursday, fueled by a cocktail of geopolitical tensions and monetary policy optimism. Heightened US-Iran friction and President Trump?s plans to impose new unilateral tariffs reignited risk aversion, while dovish cues from US inflation data strengthened expectations of a Fed rate cut as early as September. The dollar index dipped below 98.3, hitting its lowest since early 2022, further supporting the metal. MCX August gold futures surged ₹1100 to ₹97805 per 10 grams, with physical prices soaring past ₹1 lakh. Traders now look to Thursday?s PPI release for further clarity on the Fed?s path ahead.

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