Gold consolidates after record peak, set for fourth straight monthly rise
Gold retreated on Thursday as prices consolidated after hitting a record high, while safe-haven demand ahead of the U.S. presidential election helped the precious metal log its fourth straight monthly gain.
Spot gold was down 1.6% at $2,740.45 per ounce by 1:40 p.m. ET (1740 GMT), after hitting a record high of $2,790.15 earlier in the session. Prices have firmed around 4% for the month.
U.S. gold futures settled 1.8% lower at $2,749.3.
Opinion polls show that Republican former U.S. President Donald Trump and Democratic Vice President Kamala Harris are neck and neck in the highly anticipated race to the White House.
Gold is considered a safe investment during economic and geopolitical turmoil due to its ability to store value.
Data showed the U.S. personal consumption expenditures (PCE) price index increased 0.2% in September after an unrevised 0.1% gain in August. Economists had forecast PCE inflation climbing 0.2%.
Investors now await the payrolls report on Friday, and see a 95% chance of a quarter-basis point U.S. interest rate cut next week, which would further benefit non-yielding gold.
Spot silver fell 3.4% to $32.65 per ounce. It gained around 5% for the month.
Platinum shed 1.5% to $993.05. Palladium was down 3.4% at $1,108.64, logging its best month since January 2022.
Source : Reuters
