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Deveya Gaglani, Research Analyst - Commodities, Axis Securities, said, "Gold prices ventured into unchartered territory above the Rs 70,000 level for the first time in history. Prices made a new lifetime high of Rs 70699 after the NFP data print from the USA."

The US Federal Reserve unexpectedly turned dovish at its December 13 FOMC monetary policy meeting. Although the US Fed left the Fed Fund rate unchanged at 5.25%-5.50% as expected, the Central Bank projected three rate cuts in 2024 as Fed officials did not foresee rates being higher by the end of 2024 than their current levels

Concerns are mounting as doubts emerge about whether OPEC+ production cuts will be sufficient to counter the anticipated oversupply in the first quarter of 2024.

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Gold prices moved higher in the morning session of the domestic futures trade on Thursday, November 2, tracking positive global trends.

Meanwhile, China is slated to report its October manufacturing and services PMIs this week, with investors on the lookout for signs of a stabilising economy and improving fuel demand at the worlds top crude importer and No. 2 oil consumer after Beijing rolled out a slew of supportive policy measures.

Animal feed factories in Việt Nam will benefit greatly from the Comprehensive Strategic Partnership thanks to the improved access to the US’s raw materials.

Sugar prices are nudging towards 27 cents per pound owing to crude oil prices touching above $90 per barrel.

Prices got a further boost after the IEA warned that continued supply cuts by the two OPEC+ leaders are likely to create a “significant supply shortfall” and threaten further price volatility

As investors await US inflation data that could affect the Federal Reserve interest rate expectations, gold prices fell on September 13 despite trading above a more than two-week low hit in the previous session.