2 weeks Ago
Gold prices hit a record high on Thursday, and were on track for their biggest monthly gain in seven, as investors awaited a key U.S. inflation report that could shed more light on the Federal Reserve's interest rate outlook.
FUNDAMENTALS Spot gold was steady at $2,787.09 per ounce, as of 0118 GMT, rising nearly 6% for the month so far. Bullion hit a record high of $2,790.
15 earlier in the session. U.S.
gold futures fell 0.1% to $2,798.20.
U.S. private payrolls growth surged in October, the ADP National Employment Report showed on Wednesday, dispelling concerns about potential disruptions caused by hurricanes and strikes.
Data on Tuesday showed that the U.S. economy grew at an annualised rate of 2.
8% in the third quarter, slightly lower than the 3% expected by economists. The Nov. 5 U.
S. election has entered its final stretch, with opinion polls too close to call a winner. The immediate focus is on the core personal consumption expenditures (PCE) data due later in the day to assess the Fed's policy stance ahead of the next rate decision on Nov.
7. Traders see nearly 95% chance of a quarter-basis-point Fed rate cut next week, the CME FedWatch tool showed. Bullion thrives in a low interest rate environment and is considered a hedge against political and economic uncertainty.
Elsewhere, Lebanon's prime minister expressed hope for a ceasefire deal with Israel soon, as Israel's public broadcaster reported a draft agreement for a 60-day truce. Meanwhile, India's gold demand is projected to fall to a four-year low in 2024, according to the World Gold Council (WGC), as high prices may deter purchases in the upcoming festival season. Spot silver edged down by 0.
1% to $33.82 per ounce, platinum rose 0.3% to $1,011.
40, and palladium fell 0.6% to $1,140.86.
- Reuters.
