Oct 24 2024, 01:18
Gold prices fell over 1% after hitting a record high on Wednesday, as a stronger dollar and a rise in U.S. Treasury yields countered support from safe-haven demand linked to the Nov. 5 U.S. election and Middle East war.
Spot gold was down 1.2% to $2,714.55 per ounce as of 01:43 p.m. EDT (1743 GMT) after hitting a record high of $2,758.37 earlier in the session.
U.S. gold futures settled 1.1% lower at $2,729.40.
Bullion, considered a hedge against political and economic uncertainty, has climbed more than 31% this year, shattering multiple record peaks as the Federal Reserve’s interest rate cut last month combined with safe-haven demand set up a perfect storm for the precious metal.
The dollar index (.DXY), rose 0.4% to near a three-month high, making gold less appealing for other currency holders, while U.S. bond yields climbed to a three-month high.
With the U.S. presidential election less than two weeks away, Vice President Kamala Harris holds a marginal 46% to 43% lead over Republican former President Donald Trump, according to a Reuters/Ipsos poll.
Spot silver fell 3.6% to $33.58 per ounce after hitting its highest price since late 2012 at $34.87 on Tuesday.
Source : Reuters
