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Indonesia News Portal for Traders | Financial & Business Updates

5 November 2024 06:05  |

Gold Steadies as Market Braces for US Election and Fed Meeting

Gold was steady on Monday as traders prepare for a week that will see a US presidential election and a Federal Reserve rate decision.

Bullion hovered around $2,740 an ounce, just shy of the latest all-time high hit last week. A flurry of polls released Sunday show Vice President Kamala Harris and former President Donald Trump remain poised for a photo finish. 

Meanwhile, the Federal Reserve and many rich-world peers are widely expected to lower interest rates again in the coming week. Lower rates are often seen as supportive for gold, which doesn’t pay interest.

Spot gold rose 0.1% to $2,739.19 an ounce at 10:34 a.m. in New York. The Bloomberg Dollar Spot Index edged lower, as did the US 10-year Treasury yield. Palladium and platinum fell while silver advanced.

Source: Bloomberg

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