28-Oct-2024
Gold futures on the COMEX are hovering around lifetime high levels despite a strong dollar as rising predictions of a Trump presidency as well as geopolitical tensions in the Middle East pushed up demand for the safe-haven yellow metal. Dollar strength remained intact around 104 mark in line with US treasury yields amid easing possibility of an aggressive interest rate cut as expected earlier. Gold futures for October are staying above at $2,740.90 an ounce. The contract gained about 1% last week. Data from US showed October S&P Global Manufacturing PMI came in at 47.8, up from 47.3 in September and exceeding the forecast of 47.5. The Services PMI also improved, rising from 55.2 to 55.3. New Home Sales in September grew 4.1% from 0.709 million to 0.738 million.
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