The precious metal has soared 47% this year, putting it on track for the biggest annual gain since 1979. The rally has been supported by central-bank buying and rising holdings in gold-backed exchange-traded funds, as the Federal Reserve resumed interest-rate cuts.
Monthly ETF inflows in September were the largest in three years, according to data compiled by Bloomberg. Chinese buyers were also scooping up more gold-backed funds, with the four most popular registering inflows last month following a period of tepid demand.
Gold has also drawn haven demand amid mounting concerns about the Fed’s independence. On Wednesday, the US Supreme Court refused to allow President Donald Trump to immediately oust Fed Governor Lisa Cook while she sues to keep her job — dealing a setback to his efforts to exert more control over the central bank.
Spot gold edged 0.2% lower to $3,859.22 an ounce at 8:10 a.m. in Singapore, after closing 0.2% higher on Wednesday. The Bloomberg Dollar Spot Index was flat. Silver dipped, after rallying to the highest in 14 years during the previous session. Platinum and palladium declined.
