Gold eyes weekly gains as geopolitical uncertainty boosts appeal

Reuters

Gold eyes weekly gains as geopolitical uncertainty boosts appeal

2:27 sáng giờ GMT, 25 Tháng 10 2024

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In the next 3 months, gold may reach $2,800 - analyst

Palladium up 7% for the week

Adds comments and updates prices

By Ashitha Shivaprasad

Oct 25 (Reuters) -Gold prices eased on Friday but was on track for a weekly gain, as investors sought the safe-haven metal amid rising geopolitical tensions, while palladium was poised for its strongest week in more than a month.

Spot gold XAU= slipped 0.2% at $2,730.09 per ounce, as of 01:55 GMT. Prices hit a record high of $2,758.37 on Wednesday and gained 0.4% so far in the week.

U.S. gold futures GCv1 fell 0.2% to $2,742.80.

Israeli strike killed at least 17 people at a school in central Gaza. U.S. and Israeli negotiators will gather in Doha to prepare for renewed talks on a Gaza ceasefire deal.

Elsewhere, opinion polls show the race to the White House remains too tight to call, with less than two weeks to go before the Nov. 5 election.

"These elections are more dynamic and unpredictable than many previous ones. Such volatility creates additional interest in gold," said Julia Khandoshko, CEO at European broker Mind Money.

"In the next three months, gold may reach $2,800, and from the annual perspective, it can surpass the psychologically important $3,000 barrier."

Palladium XPD= dipped 0.4% to $1,152.50 but rose 7% for the week.

The U.S. asked the Group of Seven allies to consider sanctions on Russian palladium and titanium, Bloomberg News reported. Russia's Nornickel is the world's largest palladium producer.

"The possibility of disruptions to Russian supply comes as the rest of the market struggles to maintain output," said Daniel Hynes, senior commodity strategist, ANZ.

Spot silver XAG= fell 0.3% to $33.62, after scaling its highest level since 2012 earlier this week.

"Silver has started playing catch up to gold. It benefits from its dual role of monetary value and as an industrial metal with growth driven by the breakneck growth of photovoltaics," said Paul Wong, market strategist at Sprott Asset Management.

Platinum XPT= lost 0.7% at $1,019.45.

Spot gold price in USD per oz https://reut.rs/4hlkuzi

Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich

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