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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.