Gold prices surged to a record high on Thursday, driven by safe-haven demand, and are on track for their best month in seven years.
As of 0536 GMT, spot gold remained steady at $2,783.75 per ounce, after earlier reaching a peak of $2,790.15, according to Reuters. So far this month, prices have increased nearly 6%.
Meanwhile, U.S. gold futures saw a slight dip of 0.2%, trading at $2,794.90.
Investors are eagerly awaiting the release of U.S. core personal consumption expenditures (PCE) data, scheduled for 1230 GMT. The September core PCE price index is anticipated to show a 0.3% increase, following a 0.1% gain in August.
Traders currently believe there is a 96% chance that the Federal Reserve will implement a quarter-point reduction in short-term borrowing costs next week.
In related metals, spot silver decreased by 0.7% to $33.57 per ounce, platinum fell by 0.5% to $1,003.17, and palladium dropped 1.3% to $1,132.23. However, all three metals are also poised for monthly gains.
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