- The price of gold rose in global spot transactions today by 0.1% to $2,722.95 per ounce, after reaching a record level of $2,740.59 yesterday, Monday.
- Traders analyzed different views from Federal Reserve officials on the path of US interest rates.
- Kansas City Fed President Jeffrey Schmidt indicated his preference for a slower pace of rate cuts, while his San Francisco counterpart Mary Daly reiterated the need for additional cuts to protect against a deteriorating labor market.
- The precious metal has risen by about a third this year, hitting consecutive record highs, with the rally accelerating in the past two months after the Federal Reserve shifted to cutting interest rates, while escalating conflict in the Middle East and the U.S. election in a few weeks have boosted demand for safe havens.
- The World Gold Council estimated that geopolitical tensions contributed to the rise in the yellow metal prices by about 2% over the past three months, and 7% since the beginning of the year.
- Money managers have increased their net long positions in gold in recent sessions, while investors have also added to their holdings in exchange-traded funds.
- The Bloomberg Dollar Index remained flat after rising 0.4% in the previous session, while silver and palladium prices rose, while platinum fell slightly.
