![MCX Gold Support Key at Rs 76,850 and Resistance Key at Rs 77,3300 [07 Nov 2024]](https://www.goldsilverreports.com/wp-content/uploads/2024/08/Gold-Critical-tips-08082024.webp)
Spot Gold increased to an all-time high of $2500t.oz. Over the past 4 weeks, Gold gained 1.26%, and in the last 12 months, it increased 33.95%.
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Gold rose above $2,490 per ounce on Friday, the highest on record, amid strong demand for safe-haven assets as markets continued to assess the policy outlook for the Federal Reserve.
White House officials warned that a retaliatory strike from Iran in Isreal could happen in the coming days, as signaled by Tehran following Israel’s attack on Hamas officials in Iranian territory.
Additionally, concerns of escalation in Ukraine and Russia were also heeded as Ukrainian forces advanced in Russian territory.
On the economic front, both housing starts and building permits in the US fell to four-year lows in July, signaling that restrictive monetary policy may be having a larger impact on the outlook of housing supply.
Markets continued to show a broad consensus on 100bps in rate cuts by the Federal Reserve throughout their three remaining decisions this year, although strong the retail sales release has driven investors to pare bets of a stronger 50bps cut next month.
