Gold prices signed today, amid a state of caution among investors ahead of the US presidential elections and the decision of the Federal Reserve (US central bank) to reduce interest rates.
Gold saw no major change in spot transactions and settled at $2,740.69 an ounce by 1237 GMT.
The precious metal hit an all-time high on Thursday at $2,790.15.
US gold futures settled at $2,749.80.
A few hours before the presidential elections of the United States tomorrow, opinion polls show a hot competition between the candidate of the Democratic Party Kamala Harris and the candidate of the Republican Party Donald Trump.
“Gold prices this week will depend on the US elections,” said Giovanni Stanovo, an analyst at UBS. there the central bank will move. indicate more reductions in line with market expectations.
This week, markets await the Federal Reserve’s decision to lower interest rates and statements by Chairman Jerome Powell and other bank officials.
The FedWatch tool showed that economists are 100% expecting the US Federal Reserve to cut interest rates by a quarter of a percentage point this week.
Gold has gained up to 33% this year, recording several record highs. The precious metal is a means of hedging in times of economic and political uncertainty, and low interest rates increase its appeal.
The dollar index fell 0.6%, hitting its lowest level in two weeks. A decline in the US currency would make the price of gold in dollars more attractive to buyers in other currencies.
As for other precious metals, silver prices in spot transactions rose 1.1% to $32.79 an ounce, after touching their lowest level in more than two weeks at $32.26.
Platinum rose 0.7% to $997.41, while palladium rose 0.4% to $1,101.56.
2024-11-04 13:48:00
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