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Gold futures finish sharply higher after Fed rate cuts

08 Nov 2024 Evaluate

Gold futures finished sharply higher on Thursday, kindled by the announcement of quarter-point rate cut by the Federal Reserve followed by signs of softening in labor market. Lower interest rates lifted investment appeal of the yellow metal. Dip in 10-year US Treasury bond yield notes also supported investment appeal of the bullion.

Gold futures for December delivery surge by $29.50 or 1.09% to settle at $2,705.80 per ounce on the Comex division of the New York Mercantile. However, spot gold slipped by $7.94 or 0.29% to $2,698.77 an ounce.