Gold set to record 15% quarterly rise

30 Sep 2024 , 09:20 AM

Gold prices rise in early trade on Monday, on track for a fourth consecutive quarterly increase. Investors awaited comments from Federal Reserve Chair Jerome Powell, who is expected to decrease interest rates and address escalating Middle East unrest.

The spot gold price gained 0.2% to $2,662.3 per ounce. Bullion finished 0.5% lower on Friday, ending a six-session surge.

Gold is up over 15% this quarter, marking the fourth straight quarterly increase.

Data released on Friday revealed that consumer spending in the United States climbed somewhat in August, indicating that the economy maintained some of its robust pace in the third quarter, although inflation pressures continued to decline.

Israel assassinated Hezbollah leader Sayyed Hassan Nasrallah in a devastating airstrike in Beirut, striking a significant blow to the Iran-backed group as it grapples with an expanding campaign of Israeli attacks.

Market investors’ focus will now shift to talks by Powell and Fed Governor Michelle Bowman later in the day.

On the physical front, gold demand fell in key Asian hubs last week as record high prices discouraged buyers and encouraged others to sell their stockpiles.

Spot silver rose 0.2% to $31.68 per ounce, platinum jumped 0.4 to $1,004.10, and palladium rose 0.2% to $1,013.5.

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