Gold prices rise amid modest drop in US dollar

Gold bars

Gold prices nudged up today, Oct. 24, amid a slight decline in the US dollar, after the yellow metal turned to losses in the previous session, the first since Oct. 14.

Gold spot prices climbed by 0.37%, or $10.89, to $2,728.40 per ounce. Futures for December delivery also gained 0.41%, or $11.30, to $2,740.60 at 8:50 am Makkah time.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, fell slightly by 0.12% to 104 points.

“For the rest of 2024, we see potential highs of $2,800/oz, with 2025 targets about $3,000/oz or higher, driven by continued geopolitical risks, US monetary easing cycle, and central bank purchases,” Reuters quoted Sugandha Sachdeva, Founder of New Delhi-based research firm SS WealthStreet, as saying.

Lower borrowing costs, stimulus measures in China, and supply constraints will continue to drive silver higher, into 2025 it could potentially climb to levels about $45, Sachdeva further stated.

Elsewhere, silver spot prices added 0.64% to $33.94 an ounce, with those of platinum also soaring 1.11% to $1,028.68 per ounce.