Sharjah24 - Reuters: Gold retreated on Thursday as prices consolidated after hitting a record high, but safe-haven demand prompted by a knife-edge U.S. presidential election kept the precious metal on track for its fourth straight monthly gain.
Spot gold was down 0.7% at $2,766.59 per ounce by 9:35 a.m. ET (1335 GMT), after hitting a record high of $2,790.15 earlier in the session. Prices have firmed around 5% for the month so far.
U.S. gold futures dipped 0.8% to $2,777.20.
"You're going to see a bit more consolidation. We have a lot of major impactful news next week. The U.S. election on Tuesday, Fed meeting on Wednesday. So it's really not surprising to see some traders take profits," said David Meger, director of metals trading at High Ridge Futures.
Opinion polls show that Republican former U.S. President Donald Trump and Democratic Vice President Kamala Harris are neck and neck in the highly anticipated race to the White House.
Underlying forces spurring demand for gold include geopolitical tensions and uncertainties about the outcome of the election, with the market remaining in a "buy-on-dips" mode, said StoneX analyst Rhona O'Connell.
For an optimal experience, please
