Mumbai, 04 Nov (Commoditiescontrol): Gold prices remained stable on Monday as investors geared up for a significant week for the global economy, with attention centered on the U.S. presidential election and the possibility of further interest rate cuts.
Spot gold inched up 0.1% to $2,738.29 per ounce, while U.S. gold futures held steady at $2,747.50. Last Thursday, gold reached a record high of $2,790.15.
The upcoming U.S. presidential election on Tuesday presents a close race between Democratic candidate Kamala Harris and Republican Donald Trump, a contest that could have a notable impact on bullion prices.
Additionally, market participants are closely watching the Federal Reserve’s anticipated interest rate cut decision and comments from Chair Jerome Powell and other officials. Current data from the CME FedWatch tool shows a 98% probability of a quarter-point rate cut this week.
Gold, often seen as a safe investment in times of economic or geopolitical uncertainty, benefits from low-interest-rate environments due to its value-storage appeal. In the U.S., job growth nearly stalled in October, impacted by aerospace industry strikes and hurricanes that shortened payroll periods.
In India, gold demand rose last week due to festival purchases, though high prices kept volumes below typical levels.
SPDR Gold Trust, the largest gold-backed exchange-traded fund, reported a 0.35% drop in holdings to 888.63 tonnes on Friday. Among other metals, spot silver increased by 0.4% to $32.54 per ounce, platinum dipped 0.1% to $991.72, and palladium gained nearly 1% to $1,108.36.
(By Commoditiescontrol Bureau: 09820130172)
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