GOLD prices held steady on Thursday (Oct 24) after scaling an all-time high in the previous session, with a stronger US dollar and an uptick in US Treasury yields offsetting support from safe-haven demand.
Spot gold was flat at US$2,718.32 per ounce, as at 00:13 GMT. US gold futures were 0.1 per cent higher to US$2,732.10.
Prices hit a record high of US$2,758.37 on Wednesday as US election jitters and Middle East tensions boosted the safe-haven appeal of gold.
Israeli strikes pounded Beirut’s southern suburbs on Wednesday and Hezbollah said it fired precision guided missiles for the first time at Israeli targets.
US Vice-President Harris and former president Trump remain neck and neck in the seven most competitive states with less than two weeks to go until the Nov 5 election.
Meanwhile, the benchmark 10-year Treasury yields and the US dollar hovered near a three-month high, hindering gold’s record run. A stronger US dollar makes gold more expensive for other currency holders.
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US economic activity remained steady from September to early October, with a slight rise in hiring, hinting at a likely 25-basis-point Federal Reserve rate cut soon.
Markets are pricing in a 90.4 per cent chance for a cut of 25 basis points at the US Federal Reserve’s November meeting, according to CME’s FedWatch Tool.
Lower rates increase the appeal of non-yielding bullion.
Elsewhere, China’s imports of gold ore and concentrate plummeted in September because of a proposed rule change that could result in a substantial rise in tax liabilities for buyers.
Spot silver rose 0.2 per cent to US$33.80 per ounce, after hitting its highest level since late 2012 at US$34.87 on Tuesday.
Platinum rose 0.6 per cent at US$1,022.25 and palladium gained 2.9 per cent to US$1,090.50. REUTERS
