Oct 24 — Gold prices remained steady on Thursday after reaching an all-time high in the previous session. A stronger US dollar and rising US Treasury yields tempered support from safe-haven demand.
As of 00:13 GMT, spot gold was flat at $2,718.32 per ounce, while US gold futures rose by 0.1% to $2,732.10.
In the political landscape, US Vice President Kamala Harris and former President Donald Trump are in a tight race in seven key states, with less than two weeks until the November 5 election.
The benchmark 10-year Treasury yields and the US dollar are close to a three-month high, hindering gold’s record momentum. A stronger dollar makes gold more expensive for holders of other currencies.
US economic activity has remained steady from September to early October, with a slight increase in hiring suggesting a likely 25-basis-point cut by the Federal Reserve in the near future. Markets are currently pricing in a 90.4% chance of this rate cut at the Fed’s November meeting. Lower interest rates enhance the appeal of non-yielding bullion.
In other news, China’s imports of gold ore and concentrate saw a significant decline in September due to a proposed rule change that could lead to higher tax liabilities for buyers.
Spot silver increased by 0.2% to $33.80 per ounce, following a peak of $34.87 on Tuesday, its highest level since late 2012. Additionally, platinum rose by 0.6% to $1,022.25, while palladium gained 2.9% to reach $1,090.50.
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