Gold firms on safe-haven bids; palladium hits more than one-month high
Gold prices drifted higher on Thursday, propped up by safe-haven demand, while palladium hit a more than one-month peak after a media report sparked fears of sanctions on Russian supplies.
Spot gold rose 0.7% to $2,735.26 per ounce by 0740 GMT, slightly below the record high of $2,758.37 hit on Wednesday, as U.S. election jitters and Middle East tensions boosted demand.
U.S. gold futures gained 0.7% to $2,747.90.
The U.S. dollar hovered near three-month highs, limiting gold's potential for a further rally. A stronger dollar makes gold more expensive for other currency holders.
U.S. Vice President Kamala Harris and Republican candidate Donald Trump are in a tight race, with less than two weeks until the Nov. 5 presidential elections.
Elsewhere, Israel launched strikes on the Syrian capital Damascus and a military site near the western city of Homs.
Spot silver firmed 1.5% to $34.22.
Lower borrowing costs, China stimulus measures and supply constraints will continue to drive silver higher and it could potentially climb to around $45 in 2025, Sachdeva said.
Palladium jumped 5.4% to $1,115.60, its highest since Sept. 18. The U.S. asked Group of Seven allies to consider sanctions on Russian palladium and titanium, Bloomberg News reported.
Source: Reuters
