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Precious Metals


Posted By OrePulse
Published: 23 Oct, 2024 08:52

Global uncertainties push safe-haven gold to record high

By: Zawya

Spot gold was little changed at $2,746.25 per ounce, as of 23:45 GMT, after hitting its highest level at 2749.07 earlier in the session.

U.S. gold futures were 0.1% higher to $2,761.4.

Democratic U.S. Vice President Kamala Harris held a marginal 46% to 43% lead over Republican former President Donald Trump, a new Reuters/Ipsos poll found.

Israel on Tuesday confirmed it had killed Hashem Safieddine, the apparent heir to Hezbollah leader Hassan Nasrallah, who was previously killed in an Israeli attack targeting the Iran-backed Lebanese militant group.

Bullion is considered a hedge against geopolitical and economic uncertainties and it has gained over 33% this year, scaling multiple records.

Elsewhere, the odds that the U.S. Federal Reserve will deliver a quarter-point cut at its Nov. 7 meeting are at 91.5%, according to CME's FedWatch tool.

Meanwhile, the U.S. economy will continue to provide most of the thrust for global growth through the balance of this year and in 2025, the International Monetary Fund said on Tuesday.

Spot silver fell 0.3% to $34.71 per ounce, after hitting its highest level since late 2012 at $34.87 in the previous session.

Platinum rose 0.1% at $1,030 and palladium gained 0.4% to $1,079.75.

Elsewhere, China's latest stimulus measures will not meaningfully boost domestic demand, leaving a major source of trade friction intact, the U.S. Treasury Secretary and International Monetary Fund Chief Economist Pierre-Olivier Gourinchas said. China is a key metals consumer.

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