Gold, a traditional hedge against economic and political uncertainty, thrives in a low interest rate environment due to its non-yielding nature. It has gained more than 47% this year.
On the MCX, the yellow metal futures for December delivery extended its gains for the fourth straight session by rallying Rs 1,217 or 1.04 per cent to hit a record high of Rs 1,17,561 per 10 grams.
Spot gold dipped 0.2% to $3,654.29 per ounce, as of 0156 GMT, after hitting a record high of $3,707.40 on Wednesday. US gold futures for December delivery slipped 0.8% to $3,690.
Spot gold fell 0.3% at $3,546.73 per ounce, as of 0153 GMT. Bullion hit a record high of $3,578.50 on Wednesday.
Spot gold was up 0.1% at $3,537 per ounce, as of 0145 GMT, after hitting an all-time of $3,546.99 earlier in the session. US gold futures for December delivery gained 0.3% to $3,602.50.
Spot gold was down 0.2% at $3,384.49 per ounce, as of 0223 GMT, after hitting its highest level since August 11 on Tuesday. US gold futures for December delivery were flat at $3,434.20.
Trump on Monday took the unprecedented action of firing Lisa Cook, the first African-American woman to serve as a Federal Reserve governor, over claims of mortgage borrowing impropriety.
Traders added to bets on the US central bank’s rate cut next month as Powell delivered his speech. Bullion typically benefit in a lower rate environment.
Spot gold was up 0.1% at $3,375.89 per ounce as of 0239 GMT. US gold futures also gained 0.1% to $3,430.40. The dollar index hovered near a one-week low, making gold more affordable to holders of other currencies.
The sell-off followed President Donald Trump’s announcement to exclude refined copper from the upcoming tariff package set to take effect on Friday, triggering a sharp reversal in sentiment, the brokerage firm said
Spot gold was up 0.5% at $3,292.24 per ounce, as of 0230 GMT. Bullion hit its lowest level since June 30 at $3,267.79 on Wednesday. US gold futures fell 0.2% to $3,287.
Spot gold was unchanged at $3,390.69 per ounce, as of 0258 GMT. Earlier in the session, bullion hit its highest level since June 17.
Traders will watch for the outcomes of a gathering of Fed officials at the end of this month to get a clearer sense of their direction. Gold is typically disadvantaged in a high interest-rate environment as it doesn’t offer interest.
Spot gold was up 0.1% at $3,346.94 per ounce, as of 0151 GMT. US gold futures were flat at $3,355.60.
Bullion traded near $3,330 an ounce to be up around 1.7% this week. It ended the previous session 0.9% lower when US payroll figures surprised on the upside, while the unemployment rate came in lower than expectations.
Spot gold lost 0.3% to $3,346.47 per ounce, as of 0211 GMT, while US gold futures edged down 0.1% to $3,357.20.
Gold is up by about a quarter this year and is trading less than $200 short of April’s record high, supported by elevated trade and geopolitical risks.
Spot gold was up 0.2% at $3,339.20 per ounce, as of 0242 GMT. US gold futures rose 0.3% to $3,353.10.
Traders brace for Tehran’s response as risk of attacks on shipping and infrastructure looms.
The U.S. West Texas Intermediate crude for July – which did not settle on Thursday as it was a U.S. holiday and expires on Friday – was up 86 cents, or 1.1%, to $76.
Elsewhere, spot silver eased 0.2% to $36.66 per ounce, platinum rose 1.5% to $1,342.36, while palladium gained 0.6% to $1,055.18.
Trump and Xi engaged in a rare leader-to-leader call on Thursday, addressing escalating trade tensions and disputes over critical minerals, though key issues remain unresolved.
Brent crude futures rose 47 cents, or 0.73%, to $64.56 a barrel by 0028 GMT, while U.S. West Texas Intermediate crude gained 49 cents, or around 0.8%, to $61.38 a barrel.
Spot gold was steady at $3,348 an ounce as of 0250 GMT. U.S. gold futures gained 0.3% to $3,359.