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Gold prices remained stable on Monday as investors watched key events in the United States, including the presidential election and the Federal Reserve's choice on interest rates. Spot gold went up 0.1% to $2,739.25 per ounce close to last Thursday's record high of $2,790.15, while U.S. gold futures showed a similar small increase hitting $2,752.20.
Even though low interest rates give gold a boost by cutting the opportunity cost of holding assets that don't yield returns, the Fed's choice might not have a big effect on gold prices. Instead, the market thinks the Fed's approach will point to more cuts if the economy needs them. Still, the Fed's soft approach looks good for gold in the long run.
Investors like gold more as a safety net as governments around the world try to prop up their economies with spending and money policies. This ongoing push to stimulate the economy might make currencies worth less and prices go up so gold becomes attractive to keep wealth safe over time.Along with gold silver prices climbed 0.7% to $32.65 an ounce after touching a two-week low earlier.
At the same time, the Federal Reserve will cut rates, which will keep supporting gold prices by holding real interest rates down. This, along with a weaker dollar and ongoing global stimulus efforts, puts gold in a good spot to keep climbing over time.
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