Gold Eases But Holds Near Last Week’s High

Gold prices eased today but hovered near the record peak hit last week, setting bullion on track for its best quarter in over eight years following a jumbo US rate cut decision and expectations of another outsize reduction in November. Spot gold was down 0.2% at $2,653.38 per ounce, owing to a rise in the US dollar. Bullion has risen slightly over 14% so far this quarter, its best since January 2016. On a monthly basis, gold has added 6% in September after hitting another record high of $2,685.42 on Thursday in a rally driven by the Federal Reserve's half-percentage-point cut, China's stimulus measures and ongoing Middle-East war concerns. In other metals, spot silver was down 0.4% to $31.49 per ounce. Platinum edged 0.1% lower to $999.35 and palladium rose 0.1% to $1,012,50. Both metals are headed for quarterly gains. Source: Oman News Agency