Oct 15 (Reuters) – Gold costs held regular on Tuesday because the U.S. greenback remained close to two-month highs, with markets caught between profit-taking and prospects for additional fee cuts by the Federal Reserve.
Spot gold was regular at $2,652.72 per ounce at 1108 GMT whereas U.S. gold futures nudged up 0.1% to $2,669.20.
“We have a U.S. greenback close to two-month highs, greater Treasury yields and likewise the overwhelming temptation of revenue taking as we go in the direction of November after gold’s almost 30% acquire thus far this yr, so in brief gold’s received some fairly fierce headwinds in the intervening time,” unbiased analyst Ross Norman stated. [USD/
“Further rate cuts I think will continue to support gold and we’ll probably see a fresh all-time high this side of the year end,” Norman said.
Currently traders see about an 87% chance of a 25-basis-point cut in November, according to the CME FedWatch tool. Non-yielding gold thrives in a lower interest rate environment.
Market participants are also watching out for U.S. retail sales, industrial production data and weekly jobless claims this week.
Spot silver eased 0.1% to $31.14 per ounce. Platinum fell 1.2% to $980.78 and palladium was down 1.8% at $1,011.77.
“Scrap supply (for platinum) has disappointed in recent years, but we see room for a recovery next year. We still expect the platinum market to be under-supplied in 2025,” UBS analysts said in an note.
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Reporting by Rahul Paswan in Bengaluru; editing by David Evans and Kirsten Donovan
Our Standards: The Thomson Reuters Trust Principles.