Spot gold slipped 0.1% to $3,971.43 per ounce by 0514 GMT, but was up 2.2% for the week. U.S. gold futures for December delivery rose 0.3% to $3,985.8.
“Options markets revealed a rise in volatility alongside downside protection for gold during the final stages of this rally, and it seems a good a time as any for gold bulls to book some profits. Still, I expect any pullback could be limited,“ City Index senior analyst Matt Simpson said.
ANZ analysts said in a note that slowing economic growth, higher inflation, a shifting geopolitical landscape and diversification from U.S. assets and the dollar will keep investment demand and central bank purchases of gold strong, while renewed rate cuts should also support the metal.
Its rally has been fuelled by geopolitical tension, robust central bank buying, rising exchange-trade fund inflows, expectations of U.S. rate cuts and tariff-related economic uncertainties.
The Fed resumed its rate-cutting cycle in September with a 25 basis-point cut. Traders see a 25-bp cut each in October and December, with a 95% and 82% chance, respectively.
Platinum eased 1% to $1,602.25 and palladium dropped 2.2% to $1,381.29 - REUTERS
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