Gold sees notable rally amid rising expectations of US Fed rate cut
NEW DELHI: The price of 24-carat gold (10 grams) surged by Rs 1,324 over the week, supported by safe haven buying and surging expectations of US Federal Reserve rate cut.
The price of 10 grams of 24-carat gold closed the week at Rs 1,26,666 -- up from Rs 1,25,342 at the end of Monday, according to data published by the India Bullion and Jewellers Association (IBJA).
The probability that the Federal Reserve would lower rates by 350 to 375 basis points at its December monetary policy meeting has risen to 86.9 per cent from 71 per cent a week earlier, according to the CME FedWath Tool.
Analysts said that gold has retested resistance in the $4,215 to $4,240 zone and needs a solid trigger to climb above $4,240.
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