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Gold reaches a record high before important US inflation data

31 Oct 2024 , 09:23 AM

As investors awaited a significant U.S. inflation data that could provide additional insight into the Federal Reserve’s interest rate stance, gold prices reached a new high on Thursday and were headed for their largest monthly increase in seven months.

Spot gold was stable at $2,787.09 an ounce, up about 6% for the month. Earlier in the day, the price of gold reached a record high of $2,790.15.

At $2,798.20, U.S. gold futures dropped 0.1%.

The ADP National Employment Report released on Wednesday revealed that the increase of private payrolls in the United States soared in October, allaying worries about possible disruptions from strikes and storms.

According to data released on Tuesday, the U.S. economy expanded at an annualised pace of 2.8% during the third quarter, which was little less than the 3% that analysts had predicted.

Opinion polls are too close to declare a winner in the U.S. election that is scheduled on November 5.

In order to evaluate the Fed’s policy position prior to the next rate decision on November 7, the immediate focus is on the core personal consumption expenditures (PCE) data that is due later in the day.

For feedback and suggestions, write to us at editorial@iifl.com

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