WASHINGTON (dpa-AFX) - Despite a stronger dollar, gold prices rose to a record high on Wednesday on bets the Federal Reserve will deliver more interest rate cuts in coming months, and on safe-haven buying amid the ongoing tensions in the Middle East.
The dollar hovered near two-month peaks versus major peers, driven by rising bets for a second Donald Trump presidency and expectations the Federal Reserve will proceed with modest interest rate cuts.
The dollar index climbed to 103.55, gaining nearly 0.3%.
Gold futures for October ended up by $12.60 or about 0.47% at $2,674.00 an ounce.
Silver futures for October closed up $0.233 or 0.74% at $31.760 an ounce, while Copper futures for October climbed to $4.3720 per pound, gaining $0.0345 or 0.8%.
In economic news, data from the Labor Department said import prices fell by 0.4% in September after slipping by a revised 0.2% in August. The decline matched economist estimates.
Compared to the same month a year ago, import prices edged down by 0.1%, marking the first year-over-year decrease since February.
The report also said export prices slid by 0.7% in September after slumping by a revised 0.9% in August. Economists had expected export prices to fall by 0.4%.
On the geopolitical front, Israel said it would consider the 'opinions' of the United States but will ultimately act against an Iranian missile attack according to its own 'national interests'.
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