Mumbai, 30 Oct (Commoditiescontrol): Gold prices reached a record peak on Wednesday as investors sought safe-haven assets amid uncertainty surrounding the upcoming U.S. election and anticipated economic data that may influence the Federal Reserve’s interest rate policy.
Spot gold rose 0.1% to $2,778.27 per ounce, briefly touching an all-time high of $2,778.79. U.S. gold futures climbed 0.4%, settling at $2,790.60. The demand for bullion has been supported by political uncertainty as the November 5 U.S. presidential election nears, with a tight race heightening market jitters.
Recent U.S. data shows a mixed economic outlook: job openings hit a three-and-a-half-year low in September, indicating a slowing labor market, while consumer confidence surged to 108.7 in October, a nine-month high. The data has raised market expectations for a likely quarter-point interest rate cut by the Federal Reserve at its upcoming decision on November 7.
With low interest rates generally boosting gold’s appeal, investors now look ahead to more U.S. economic data, including ADP employment, personal consumption figures, and the payrolls report, to gauge the Fed’s policy trajectory.
Meanwhile, Indian buyers continued to purchase gold at record prices for the Dhanteras and Diwali festivals, betting on the metal’s ongoing rally amid a weaker stock market. Spot silver gained 0.2% to $34.51 per ounce, while palladium rose 0.5% to $1,050.42. However, platinum dropped 0.9%, trading at $1,211.37.
(By Commoditiescontrol Bureau: 09820130172)
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