Gold steady near all-time highs amid dovish Fed signals

Gold surged to around $3,685 per ounce on Wednesday, inching closer to record highs amid broad economic uncertainty and dovish expectations for US monetary policy. The dollar index remained stable near 97.4 as investors awaited critical inflation data, including the producer price index today and the consumer price index due Thursday, which could further shape the Fed?s policy direction. The rally was further supported by a series of downward revisions to nonfarm payroll data, revealing significantly weaker job growth over the past year than initially estimated. These developments intensified market speculation of multiple Federal Reserve rate cuts this year, with a 25-basis-point reduction increasingly expected at the next policy meeting. Meanwhile, in India, MCX October gold futures traded steady at ₹109014 per 10 grams, as market participants maintained a cautious stance amid the evolving economic backdrop.

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