Gold prices remain stable as investors gear up for pivotal week for global economy
Date
11/4/2024 5:00:50 AM
(MENAFN) Gold prices remained steady on Monday as investors geared up for a pivotal week for the global economy, marked by the upcoming U.S. presidential election and the potential for further interest rate cuts. Spot gold was trading up 0.1 percent at USD2,738.29 per ounce by 0012 GMT, after reaching an all-time high of USD2,790.15 on Thursday. Meanwhile, U.S. gold futures settled at USD2,747.50.
With the U.S. presidential election taking place tomorrow, Tuesday, opinion polls indicate a tight race between Democratic candidate Kamala Harris and Republican Donald Trump, which could have a significant impact on gold prices. Market participants are closely watching for the Federal Reserve's decision this week regarding interest rates, as well as comments from Fed Chairman Jerome Powell and other bank officials.
The FedWatch tool revealed that economists are anticipating a 98 percent likelihood that the Federal Reserve will lower interest rates by a quarter percentage point this week. In addition to gold, prices for other precious metals also saw movement: spot silver prices increased by 0.4 percent to USD32.54 per ounce, platinum decreased by 0.1 percent to USD991.72, and palladium rose by 0.1 percent to USD1,108.36.
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