Gold gains on rate-cut bet, precious platinum spikes to 3-week peak

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Gold gains on rate-cut bet, precious platinum spikes to 3-week peak

On Thursday, the 24th of October 2019, the precious safe-haven gold had spiked to its two-week peak after a cascade of bleak economic data from the United States including a decade-low figure of manufacturing activity index, had raised hopes of another rate-cut as early as this month, which would be remarking Fed’s third rate-cut this year, while the precious platinum had climbed to its highest level in more than three weeks.

Citing statistics, on Thursday’s (October 24th) market round off, spot gold surged 0.7 per cent to $1501.97 an ounce after reaching its highest level since October 11th at $1,503.81 earlier in the session, while US gold futures rounded off the day 0.6 per cent higher at $1,504.70 an ounce.

Among other precious metals, platinum spiked 0.7 per cent to reach its highest level since September 30th to $971.08 an ounce, while silver mounted 1.4 per cent to $17.79 per ounce and palladium, which hit an all-time record closing high of $1,783.21 last week, added 1.7 per cent to wind down Thursday (October 24th) market at $1,771.42 per ounce.

Meanwhile, addressing to a forecast miss of US durable goods’ orders in the US which in effect had revamped demand concerns and raised optimisms of a rate-cut bet, a senior market strategist at RJO Futures, Bob Haberkorn said, “The bump we got now is because of the miss on durable goods numbers in the U.S.

We had a couple of misses in the last few weeks on these numbers, be it retail sales or durable goods, and some of the PMI numbers. Overall, it lends support to another rate cut from the Fed before year-end. ”