Gold hits record high ahead of key US inflation data

Quick Summary:

GOLD prices hit a record high on Thursday, and were on track for their biggest monthly gain in seven, as investors awaited a key U.S.inflation report that could shed more light on the Federal Reserve's interest rate outlook.

Spot gold was steady at $2,787.09 per ounce, as of 0118 GMT, rising nearly 6% for the month so far.

Traders see nearly 95% chance of a quarter-basis-point Fed rate cut next week, the CME FedWatch tool showed.

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Category: EconomyBusiness

Markets: MalaysiaIndiaIsraelLebanon

Topics: U.S. election Commodities Interest rate Federal Reserve /Business/Business News Inflation Gold

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News Sentiment: Negative

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Article Type: News Report

Published On: 2024-10-31 @ 10:00:00 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 369 words

Reading Time: 3 minutes read

Sentences: 14 lines

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News ID: 23344016

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