Price movements
decreased gold Spot gold was up 0.2 percent at $2,616.57 an ounce by 0916 GMT, after hitting an all-time high of $2,631.31 earlier in the session.
“The outlook for the future is uncertain,” said Ole Hansen, director of commodity research at CNBC.Saxo BankThe rally was a continuation of the “fear of missing out” momentum that followed last week’s big U.S. interest rate cut.
“Gold is seeing long overdue profit taking this morning as the dollar strengthens,” he added.
The dollar index, which measures the US currency against six major currencies, rose about 0.3 percent.
Non-yielding gold has risen more than 27 percent since the start of the year and is on track for its biggest annual gain in 14 years.
“Investors are closely watching the possibility of future rate cuts. The key factors going forward will be the pace of US rate cuts, specifically whether there will be another 50bp cut this year, and the overall trajectory of the monetary easing cycle,” said Sonny Kumari, commodity strategist at ANZ.
As for other precious metals, they decreased. Silver Spot gold rose 2 percent to $30.48 an ounce.
Platinum fell 2.1 percent to $954.84, and palladium fell 1.9 percent to $1,047.27.
