Gold remains flat at all-time high

Gold alloys

Gold prices held steady today, Sept. 24, after hitting an all-time high at the end of yesterday's session against the backdrop of the escalating Middle East geopolitical tensions, besides Federal Reserve statements supporting the possibility of an ongoing monetary easing cycle.

Bullion for December delivery stabilized at $2,653.10 per ounce at 10:09 am Makkah time, after ending Monday's session at a fresh record of $2,652.50 apiece. Spot prices also held ground at $2,627.37 an ounce.

Likewise, silver futures for September delivery increased 0.27% to $31.17 per ounce, as platinum spot prices climbed by 0.68% to $967.01 an ounce.

Chicago Fed Bank President and CEO Austin Goolsbee said yesterday said there are "lots of cuts" to come over the next 12 months. However, Minneapolis Fed President Neel Kashkari said the path of monetary policy will depend on incoming data, Reuters reported.

On another note, as per Reuters, IG market strategist Yeap Jun Rong said, “A new war front opened in the Middle East between Israel and Hezbollah has also driven some flows for safe-haven gold in a bid to hedge against the geopolitical risks of any wider regional war.”

“Tensions in the region will likely be kept high for longer, which could see gold prices retain their bullish bias,” he further stated.