Gold soars above $4230 as Fed hints at more rate cuts

Gold prices surged past $4230 per ounce on Wednesday, hitting a fresh record as investors sought safety amid growing US-China trade tensions and soft US dollar amid expectations of further US monetary easing. Fed Chair Jerome Powell warned of a sharp slowdown in hiring, increasing the likelihood of two more rate cuts this year. Rising geopolitical risks, including President Trump?s accusation of ?economically hostile? behavior by China and threats of a cooking oil embargo, also boosted bullion demand. Weakness in the US dollar index, which slipped below 99 for a second consecutive session, further supported gold and other dollar-denominated assets. MCX December gold futures gained Rs 1,345 or 1.5% to trade at Rs 127,601 per 10 grams, reflecting robust investor appetite for the safe-haven metal.

Powered by Commodity Insights