Gold extends rally above $4,100 on Middle East tensions

Gold prices climbed above $4,100 per ounce on Wednesday, extending recent gains as persistent Middle East tensions and rising crude oil prices boosted safe-haven demand despite a firmer US dollar. Investor sentiment was also supported by signs of a cooling US labour market, with ADP data showing private employers added an average of 16,500 jobs per week during the four weeks ending July 4, down from 19,250 in the previous four-week period, marking a fourth consecutive slowdown in hiring. On the domestic front, MCX August gold futures advanced 1.2% to Rs 1,44,568 per 10 grams, with the next key resistance placed near Rs 1,45,100. Markets now await next week's Federal Reserve policy decision, where interest rates are widely expected to remain unchanged, while geopolitical developments continue to drive bullion prices.

Powered by Commodity Insights