Mon, Sep 9, 2024 2:08 PM
Gold prices decline amid weak global cues: Should you buy?
A Flip by Shubhangi Gupta
Domestic markets started the week on a positive note and made fresh new highs before closing with minor gains. Hopes of a rate cut by the US Fed this Wednesday and FII buying in the last few days have kept the overall momentum positive. Beginning of the rate cut cycle is likely to be beneficial for emerging markets and could keep the overall trend positive for the domestic market.
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Oil prices rose on Monday as the ongoing impact of Hurricane Francine on output in the U.S. Gulf of Mexico offset persistent Chinese demand concerns ahead of this week's U.S. Federal Reserve interest rate cut decision. Brent crude futures for November settled at $72.75 a barrel, up $1.14, or 1.59%. U.S. crude futures for October settled at $70.09, up $1.44, or 2.1%.
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Gold prices held steady on Tuesday to hover near record highs scaled in the previous session, as markets anticipate the beginning of a U.S. easing cycle, with expectations that it might start with an outsized rate cut. Spot gold was flat at $2,582.84 per ounce, as of 0020 GMT. Bullion rose to a record high of $2,589.59 on Monday.
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