Gold firms as US bond yields slip with focus on Middle East

Gold prices climbed on Wednesday on softer U.S. Treasury yields, but lacked impetus to move higher as bullion’s safe-haven demand showed signs of fatigue after global leaders sought to prevent the Israel-Hamas war from spreading.


* Spot gold gained 0.2% to $1,974.29 per ounce by 0104 GMT, having declined in the previous two sessions and trading below five-month highs hit last week. U.S. gold futures

were steady at $1,985.40.

* Investors are keeping a close watch on the war in the Middle East as world leaders pushed for either a pause or ceasefire in fighting between Israel and Hamas in the Gaza Strip so that humanitarian aid could be delivered to besieged Palestinian civilians.

* The benchmark U.S. 10-year Treasury yields inched lower as investors bought into a recent sell-off amid concerns about the economic impact of higher borrowing costs.

* U.S. business activity ticked higher in October while output in the euro zone took a surprise turn for the worse, surveys showed on Tuesday, underscoring the diverging path for central bankers in the two regions and fanning fears the bloc may slip into recession.

* Investors are now eagerly awaiting the release of the U.S. GDP numbers for the third quarter on Thursday and the U.S. PCE price index on Friday.

* South Africa’s Anglo American Platinum on Tuesday said its refined platinum group metal (PGM) output declined 9% during the third quarter, due to disrupted water supplies to its processing facilities and lower concentrate production.

* Spot silver rose 0.3% to $23 an ounce, platinum added 0.2% to $886.08 and palladium advanced 0.7% to $1,127.52.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Read More

Previous post India Sends 38 Tons Of Humanitarian Aid To Gaza, Calls For Peace Talks At UN
Next post Ottawa Senators come up flat in 6-4 loss to Buffalo Sabres