Mumbai, 26 Oct (Commoditiescontrol): Gold prices inched up on Friday, recovering from earlier profit-taking as tensions in the Middle East and uncertainty over the U.S. presidential election drove safe-haven buying.
Spot gold gained 0.2% to $2,741.50 per ounce, after reaching a record $2,758.37 midweek. U.S. gold futures closed up 0.2%, settling at $2,754.60. This marks gold’s third consecutive weekly gain as geopolitical and election-related concerns fuel demand.
Investors are closely watching developments in the Middle East, with potential escalations between Israel and Iran prompting precautionary buying. Reports on Friday indicated at least nine Palestinians were killed in an Israeli airstrike in Gaza, adding to the region’s volatility.
Gold has surged more than 32% this year, benefiting from its safe-haven appeal amidst regional conflict and a recent half-point rate cut by the Federal Reserve. Uncertainty surrounding the upcoming U.S. election also added support, as polls suggest a close race. Despite the U.S. dollar’s strength, up for a fourth consecutive week, gold prices have continued to rise, with some analysts noting this atypical rally may be linked to what’s been dubbed a “Trump trade” effect.
Silver and platinum dipped slightly on Friday, with silver down 0.3% to $33.61 an ounce after reaching a 12-year high earlier in the week. Platinum declined 0.2%, closing at $1,024.20.
Palladium, however, surged to a 10-month high, rising 3.2% to $1,194.36 per ounce amid potential export concerns from Russia. This followed a 9% increase on Thursday after reports that the U.S. urged its G7 allies to consider restricting Russian exports of metals like palladium and titanium to limit revenue.
(By Commoditiescontrol Bureau: 09820130172)
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