![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)
Gold edged higher to above $2,629 on Thursday, rebounding from the three-week low of $2,608 from the prior session as markets digested a batch of fresh economic data for insights on the Fed’s policy path in upcoming decisions.
- Ratan Naval Tata Passes Away Updates: Final rites of legend industrialist Ratan Tata performed with full state honours
- Tata Motors Share Price Today on : Tata Motors share are down by -1.1%, Nifty up by 0.07%
- Ratan Tata, Whose Indian Business Empire Went Global, Dies at 86
- Israel-Iran War: Should you Invest in Gold Funds to Hedge Your Portfolio?
- Strong US Jobs Report Takes Pressure Off Fed for Next Meeting
The US inflation rate eased to 2.4% in September but overshot median expectations of 2.3%, stalling the recent progress on disinflation as shelter, transportation services, and food prices rose.
Still, bullion assets received support from a surge in unemployment claims, which challenged the view that the US labor market remains overly resilient to restrictive interest rates following the latest jobs report.
Federal funds futures prices suggested that investors piled onto bets that the Fed will deliver two additional 25bps rate cuts this year before continuing their rate-cutting cycle throughout next year.
Lower rates support gold by reducing the opportunity cost of holding non-interest-bearing bullion assets.
