Gold Prices Rise Slightly Amid Dollar Strength

Gold prices saw a slight increase during Asian trade on Thursday, maintaining their proximity to record highs, despite the dollar's strength—driven by speculation surrounding a potential second Trump presidency—impacting the broader metal markets.

Industrial Metals See Mixed Results

Copper prices experienced further declines as a Chinese government briefing regarding support for the property market fell short of expectations.

A drop in Treasury yields, coupled with forecasts for interest rate adjustments by major central banks, provided support for gold. It is anticipated that the European Central Bank will reduce rates by 25 basis points later today.

Current Gold Prices

• Spot Gold: Up by 0.2% at $2,678.90 per ounce
• Gold Futures (December): Up by 0.1% at $2,694.40 per ounce (00:23 ET / 04:23 GMT)

On Wednesday, spot prices almost reached a record high of $2,685.96 per ounce. Bullion prices benefited from lower Treasury yields, with the 10-year rate dropping 0.5% amid increasing speculation about Trump’s electoral success.

Political Speculations

Trump is currently leading Harris in online betting markets, despite recent polls showing Harris slightly ahead. The upcoming election is expected to be tightly contested.

Trump’s administration is perceived as likely to drive inflation, which has negatively impacted Treasury yields while strengthening the dollar significantly since early August.

Other Precious Metals

Mixed trends were reported in other precious metals:
– Platinum Futures: Up by 0.5% to $1,012.40 per ounce
– Silver Futures: Down by 0.7% to $31.760 per ounce

Copper Market Response to China

Copper prices fell, with benchmark futures on the London Metal Exchange decreasing by 0.6% to $9,548.50 per ton and December futures also down by 0.6% to $4.3445 per pound.

These contracts are experiencing extended losses following a lackluster briefing from China regarding economic support for the property market. Details were vague, disappointing investors anticipating more robust measures to stimulate the economy.

Conclusion on Market Sentiments

The briefing is part of a broader series of measures from China aimed at economic support, yet has failed to boost investor confidence, particularly given the upcoming GDP data release from China on Friday.