Gold at 65k on rate cut talks

Ahmedabad: Amid speculation surrounding a potential reduction in interest rates by the US Federal Reserve, gold prices have embarked on an upward trend, reaching Rs 65,000 per 10 grams in the Ahmedabad market.
“Gold prices have benefited from geopolitical risks, increased gains in the US dollar, a further decline in US treasury bond yields, and escalating conflicts in the Middle East.There has been a substantial shift towards safe-haven investments in gold, driving up prices,” said Haresh Acharya, director of the India Bullion and Jewellers’ Association.
He added, “Investors are awaiting comments from Fed Chair Jerome Powell following the US Fed meeting likely this week.” TNN