Gold takes a breather at $3660 amid rate cut buzz

Gold prices edged lower to around $3660 per ounce in Asia electronic trades on Thursday, taking a breather after hitting an all-time high of $3715 earlier this week. The metal remained supported by growing expectations of US rate cuts and escalating geopolitical tensions. August?s US producer prices fell unexpectedly by 0.1%, reinforcing speculation of Fed easing amid signs of a soft labor market, boosting gold?s safe-haven demand. However, strength in the dollar index, steady near 97.57, pressured gold and other dollar-denominated assets. MCX October gold futures dipped 0.35% to Rs 108603 per 10 grams. Investors now await the US consumer price report for clearer direction, while geopolitical risks continue to enhance gold?s appeal as a shelter in uncertain times.

Powered by Commodity Insights