Gold Moves Steady in European Session
Gold moved flat with slight weakness after the European market opened on Thursday (October 9th), remaining above $4,000/oz after hitting a new record the previous day. Safe-haven sentiment cooled slightly as progress on the Israel-Hamas peace deal progressed, triggering profit-taking amidst still-overbought market conditions. By midday in London, spot gold held around $4,039, while US futures fell slightly, indicating the rally was losing near-term steam without changing the broader trend.
However, the boost in expectations of a Fed rate cut has limited gold's decline. The market now awaits Fed Chairman Jerome Powell's speech for clues on the pace of the next rate cut. On the other metals front, silver remained near multi-decade peaks, while platinum and palladium fluctuated with daily risk flows. Overall, gold's direction today is determined by the tug-of-war between easing geopolitical risks and hopes for looser monetary policy.
Source: Newsmaker.id