Home Scrap Metal Prices Price Regions US Scrap Metal Prices China Scrap Metal Prices India Scrap Metal Prices Europe Scrap Metal Prices Aluminum ScrapBrass/BronzeCopper ScrapCupro-NickelElectronics ScrapLead ScrapScrap Gold Prices (Hallmarked)Scrap Gold Prices (Non-Hallmarked)Stainless SteelSteelMarket News
Gold retreats as investors book profits following record rally
Published by
ScrapPrices
Published on October 25,2024 08:00 AM Metals
Gold prices edged lower on Friday as investors locked in profits after the Middle East tensions and U.S. election jitters sent bullion on a record-breaking rally, while palladium prices extended gains to 10-month highs.

Oct 25 - Gold prices edged lower on Friday as investors locked in profits after the Middle East tensions and U.S. election jitters sent bullion on a record-breaking rally, while palladium prices extended gains to 10-month highs.

Spot gold eased 0.1% to $2,734.25 per ounce by 10:05 a.m. ET (1405 GMT). Prices had hit an all-time high of $2,758.37 on Wednesday and were on track for a third straight weekly gain.

U.S. gold futures were steady at $2,748.90. "In the last couple of weeks we had many all-time highs for gold, and it's reasonable to have a little bit of profit taking and just a slow down in the momentum," said Alex Ebkarian, chief operating officer at Allegiance Gold.

Non-yielding gold has risen over 32% so far this year as a half-point basis cut by the Federal Reserve bolstered prices, along with safe-haven demand stemming from ongoing tensions in the Middle East.

Uncertainty around U.S. presidential elections also boosted bullion demand as opinion polls show the race to the White House remains tight. Gold has rallied despite gains in the U.S. dollar, which is set for its fourth weekly rise on increasing odds of Republican former President Donald Trump winning.

Gold prices have slipped back into anti-traditional-driver mode in recent weeks, seemingly caught up in a wider "Trump trade," Capital Economics said in a note.

"One can – and plenty surely will – make logical cases for gold prices to rise further from here. But we would stress that gold is not a one-way bet," Capital Economics said as they see a good chance of a sizeable price correction. Spot palladium hit a ten-month high for the second consecutive day, amid concerns about exports from Russia. It was last up 4.2% at $1,205.25.

Palladium rose 9% on Thursday after Bloomberg News reported that the U.S. asked the Group of Seven allies to consider sanctions on Russian palladium and titanium, which triggered coverage of some short positions in palladium futures.

Spot silver , which hit a 12-year-high of $34.87 earlier this week, was steady at $33.78 per ounce. Platinum lost 0.2% to $1,023.90.

MORE METALS NEWS
November 06,2024 08:00 AM
Gold prices slipped to a near three-week low on Wednesday, beating a retreat as the dollar jumped after Republican Donald Trump was elected U.S. president in a remarkable political comeback.
November 05,2024 07:00 AM
Gold prices held steady on Tuesday as market participants braced for the outcome of the U.S. presidential election, with opinion polls suggesting a neck-and-neck race between Democrat candidate Kamala Harris and Republican Donald Trump.
November 04,2024 08:00 AM
Gold prices rose on Monday, as U.S. election uncertainty loomed with markets pricing in chances of a contested result and political tensions, while investors also kept a close tab on the Federal Reserve policy meeting later this week.