Gold prices experienced a slight pullback due to profit-taking following a US-brokered ceasefire between Hamas and Israel, which tempered safe-haven demand, yet the precious metal remains near its recent record highs above $4,000/oz. This minor correction occurred amidst broader support for gold and other metals, including silver and platinum, driven by geopolitical concerns and strong market expectations for a 25 basis point Federal Reserve rate cut in October, which typically boosts non-yielding assets. Market focus is now on Fed Chair Jerome Powell's upcoming speech for further monetary policy guidance.
US approves several billion dollars of Nvidia chip sales to UAE- Bloomberg Investing.com-- Gold prices fell slightly in Asian trade on Thursday as a ceasefire between Hamas and Israel curbed some haven demand, although the yellow metal still remained close to recent record highs. Bullion remained underpinned by concerns over Japanese fiscal health, the impact of an ongoing U.S. government shutdown, and a political crisis in France. Dovish-sounding comments from the minutes of the Federal Reserve’s September meeting also kept markets largely optimistic over more rate cuts, further supporting gold. Spot gold fell 0.1% to $4,039.34 an ounce, while gold futures for December fell 0.3% to $4,056.67/oz by 01:30 ET (05:30 GMT). Spot gold hit a record high of $4,059.34/oz on Thursday after clearing the coveted $4,000/oz level for the first time ever. Gold rally stalls on Gaza ceasefire deal But gold faced some profit-taking as haven demand was dulled by Israel and Hamas agreeing to the first phase of a U.S.-brokered ceasefire. The two reached consensus in indirect talks held in Egypt, just days after the second anniversary of Hamas’ cross-border attack that sparked their latest war. Israel and Hamas agreed to the first phase of a 20-point framework proposed by U.S. President Donald Trump, which also outlines plans for a full Israeli withdrawal from Gaza, and a path towards eventual Palestinian governance for the region. If implemented fully, the accord could bring the two sides closer than any earlier peacemaking efforts. News of the ceasefire sparked losses in oil and a rally in risk-driven markets. Rate cut bets support metals, Powell speech awaited Broader metal prices were a mixed bag, but were sitting on sharp gains in recent weeks amid persistent bets that the Fed will cut interest rates in October. Spot platinum stalled at $1,660.98/oz after rallying to over decade highs this week, while spot silver rose 0.5% to $49.1135/oz, coming close to record highs above $50/oz. Silver was supported by HSBC raising its price forecast on the white metal and stating that it expects a record high soon. Markets are pricing in a nearly 100% chance for a 25 basis point cut by the Fed in October, CME Fedwatch showed. The prospect of lower rates had buoyed metal prices, given that lower yields on debt tend to boost the appeal of non-yielding assets such as metals. Focus Thursday is on an address by Fed Chair Jerome Powell for more cues on the central bank’s plans for rates. Which stocks should you consider in your very next trade? The best opportunities often hide in plain sight—buried among thousands of stocks you'd never have time to research individually. That's why smart investors use our Stock Screener with 50+ predefined screens and 160+ customizable filters to surface hidden gems instantly. For example, the Piotroski's Picks method averages 23% annual returns by focusing on financial strength, and you can get it as a standalone screen. Momentum Masters catches stocks gaining serious traction, while Blue-Chip Bargains finds undervalued giants. With screens for dividends, growth, value, and more, you'll discover opportunities others miss. Our current favorite screen is Under $10/share, which is great for discovering stocks trading under $10 with recent price momentum showing some very impressive returns! Gold prices experienced a minor correction, falling 0.1% to $4,039.34/oz, as a U.S.-brokered ceasefire between Hamas and Israel reduced safe-haven demand. Despite this profit-taking, spot gold remains close to its record high of $4,059.34/oz, having recently surpassed the $4,000/oz level for the first time. The geopolitical de-escalation momentarily overshadowed underlying support from global fiscal health concerns in Japan, a U.S. government shutdown, and French political instability. Broader precious metals, including silver and platinum, have seen recent gains, largely driven by strong market expectations for a Federal Reserve rate cut. Investors are pricing in nearly a 100% chance of a 25 basis point Fed cut in October, as indicated by CME Fedwatch data, buoyed by dovish commentary from the September Fed meeting minutes. This prospect of lower rates typically enhances the appeal of non-yielding assets like metals. Silver rose 0.5% to $49.1135/oz, nearing its record high above $50/oz, bolstered by HSBC raising its price forecast for the metal. Platinum, however, stalled at $1,660.98/oz after reaching over decade highs earlier this week. The market's immediate attention is now directed towards Fed Chair Jerome Powell's upcoming address for further clarity on the central bank's monetary policy trajectory.
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