Gold rebounded more than 1% on Wednesday (October 29th) as investors found the precious metal attractive after prices fell to a three-week low in the previous session, while the Federal Reserve's interest rate cut decision and Chairman Jerome Powell's speech were the main highlights.
Spot gold rose 1% to $3,991.59 an ounce, as of 07:48 GMT, after falling to its lowest level since October 6 on Tuesday. U.S. gold futures for December delivery rose 0.6% to $4,005.60 an ounce.
"Bargain hunting could be (supportive) because it has lost a little over 10% of its value, which makes it attractive again because the underlying gold story is still valid," said Quantitative Commodity Research analyst Peter Fertig. "There may also be some central bank reserve managers who are starting to have good opportunities to buy more gold (while prices are down)," Fertig added.
US President Donald Trump began his final trip to Asia in South Korea on Wednesday, optimistic about reaching a deal on outstanding tariffs with President Lee Jae Myung and reaching a truce in the trade war with Chinese President Xi Jinping.
Trump and Xi are scheduled to meet in South Korea on Thursday.
"Progress in US-China trade talks continues to weaken demand for safe-haven assets like gold, which is extending its decline as tensions ease... The recent decline could provide an opportunity for central banks to increase purchases," ANZ said in a note.
Meanwhile, the Fed is widely expected to cut interest rates by 25 basis points at its policy meeting on Wednesday, as investors await forward-looking comments from Chairman Powell.
Non-yielding gold thrives in low-interest rates and during times of economic uncertainty. Gold prices have surged about 52% so far this year, hitting an all-time high of $4,381.21 on October 20, driven by geopolitical and economic uncertainty, rate cut speculation, and continued buying by central banks.
Spot silver rose 2% to $47.98 per ounce, platinum rose 0.6% to $1,595.46, and palladium rose 1% to $1,407.25. (alg)
Source: Reuters
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