Gold prices eased on Thursday

Gold eased from a near one-week high on Thursday as a divided US Federal Reserve rate cut left investors uncertain about the pace of easing next year, while silver hit another record high.

Spot gold fell 0.4 per cent to $4,210.72 per ounce, after earlier touching its highest since December 5, while US February gold futures rose 0.3 per cent to $4,238.90. Silver steadied at $61.77 per ounce after a record $62.88, marking a year-to-date gain of 113 per cent on strong industrial demand and its addition to the US critical minerals list.

The Fed cut interest rates by 25 basis points in a split vote but indicated borrowing costs may not fall further, citing still-elevated inflation and the need for clearer signs of a cooling labour market. Investors now await US jobs and inflation data for November, as well as a detailed third-quarter growth report.

Platinum declined 0.4 per cent to $1,650.08, while palladium dropped 0.3 per cent to $1,471.94.

Attribution: Reuters