GOLD held steady near a record high on Friday (Oct 18), as uncertainty surrounding the US election, simmering Middle East tensions and a looser monetary policy environment boosted its appeal.
Spot gold held its ground at US$2,694.99 per ounce, as at 0034 GMT, after hitting a record high of US$2,696.59 on Thursday. Prices have risen more than 1 per cent so far in the week.
US gold futures rose 0.1 per cent to US$2,710.20.
With less than three weeks remaining to cast votes in this presidential election, Democratic Vice-President Kamala Harris and Republican former President Donald Trump are stretching for the support of every last voter and looking beyond their bases.
Hamas leader Yahya Sinwar, a mastermind of the Oct 7, 2023, attack that triggered the Gaza war, has been killed by Israeli forces. Western leaders said his death offered an opportunity for the war to end, but Israeli Prime Minister Benjamin Netanyahu said it would go on.
US economic data released overnight pointed to an economy on solid footing. But traders still see an 88 per cent chance of a Federal Reserve rate cut in November, according to the CME Fedwatch tool.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The European Central Bank cut rates on Thursday for the third time this year, saying inflation in the eurozone was increasingly under control.
Reduced interest rates and geopolitical uncertainty enhance the attractiveness of bullion, which is seen as a safe investment that does not generate interest.
Meanwhile, Swiss gold exports fell in September to the lowest level since June owing to reduced shipments to India, customs data from the world’s biggest bullion refining and transit hub showed.
Spot silver rose 0.2 per cent to US$31.76 per ounce and was headed for a weekly gain. Platinum steadied at US$991.60 and palladium fell 0.1 per cent to US$1,040.75. REUTERS
