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(06 Nov 2024, 14:18)

Gold dips to $2,740 as Dollar surges amid US election drama

Gold prices dropped to $2,740 per ounce in Asia's electronic trades, pressured by a strengthening US dollar, which surged nearly 2% above 105 amid early US election results. Preliminary numbers showed Republican candidate Donald Trump leading, increasing market uncertainty over future tax and spending policies as control of Congress remains crucial. Investors are eyeing the Federal Reserve’s policy update on Thursday, with a potential quarter-point rate cut expected. On the MCX, December bullion futures fell below the ₹78,000 mark, trading down by approximately ₹250 per 10 grams.
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