Mumbai, Aug. 7 -- Gold futures surged above $3470 per ounce on Thursday, hitting their highest level since June 16, as safe haven demand soared amid fresh US tariff threats and expectations of a Fed rate cut. MCX October bullion futures also climbed 0.5% to Rs.101729 per 10 grams, tracking global gains. President Trump confirmed an additional 25% tariff on Indian imports and raised duties on select Brazilian goods to 50%, fueling market uncertainty. A weaker US dollar index, now below 98, added to the momentum as traders bet on a September rate cut, with another move likely in December. The latest jobless claims data is now awaited for further cues.
Published by HT Digital Content Services with permission from Capital Market....