Gold flat as central bank meetings take spotlight
GOLD prices were flat on Tuesday (Oct 31) after slipping below the critical US$2,000 milestone in the last session, as investors prepared for central bank meetings this week with particular focus on the US Federal Reserve’s policy outlook.
Spot gold was steady at US$1,995.69 per ounce by 0059 GMT and US gold futures traded at US$2,004.90.
Spot gold had advanced to as high as US$2,009.29 an ounce on Friday, its highest levels since mid-May on safe-haven demand stemming from the Middle East crisis. The rush for safety has set bullion on track for an 8 per cent rise this month, the most since November 2022.
Investors’ focus this week is on the Fed’s two-day monetary policy meeting starting later in the day followed by the US monthly jobs report on Friday. The Bank of England’s policy decision is also due on Thursday.
The Bank of Japan is expected to revise its inflation forecasts and discuss additional tweaks to its bond yield control at its policy meeting on Tuesday.
Two European Central Bank (ECB) policymakers pushed back on Monday against market bets that the ECB will start cutting interest rates in the first half of next year and undo some of its recent efforts to fight high inflation.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3 per cent on Monday.
Spot silver fell 0.2 per cent to US$23.27 and platinum was up 0.1 per cent to US$930.36, with both set for monthly gains. Palladium eased 0.1 per cent to US$1,126.38 and eyed an over 9 per cent decline this month. REUTERS
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