Gold firms on safe-haven bids; palladium hits more than one-month high
2025 gold price targets around $3,000 or higher - analyst
Gold hit a record of $2,758.37 on Wednesday
Palladium gains over 5%
US urges G-7 to sanction Russian palladium, titanium - Bloomberg
Updates prices
By Ashitha Shivaprasad
Oct 24 (Reuters) -Gold prices drifted higher on Thursday, propped up by safe-haven demand, while palladium hit a more than one-month peak after a media report sparked fears of sanctions on Russian supplies.
Spot gold XAU= rose 0.7% to $2,735.26 perounce by 0740GMT, slightly below the record high of $2,758.37 hit on Wednesday, as U.S. election jitters and Middle East tensions boosted demand.
U.S. gold futures GCv1 gained 0.7% to $2,747.90.
The U.S. dollar hovered near three-month highs, limiting gold's potential for a further rally. A stronger dollar makes gold more expensive for other currency holders. USD/
U.S. Vice President Kamala Harris and Republican candidate Donald Trump are in a tight race, with less than two weeks until the Nov. 5 presidential elections.
Elsewhere, Israel launched strikes on the Syrian capital Damascus and a military site near the western city of Homs.
"For the rest of 2024, we see potential highs of $2,800, with 2025 targets around $3,000 or higher, driven by continued geopolitical risks, U.S. monetary easing cycle and central bank purchases," said Sugandha Sachdeva, founder of New Delhi-based research firm SS WealthStreet.
U.S. economic activity remained steady from September through early October, with a slight rise in hiring, hinting at a likely 25-basis-points Federal Reserve rate cut soon.
Lower rates reduce the opportunity cost of holding non-yielding bullion. FEDWATCH
Spot silver XAG= firmed 1.5% to $34.22.
Lower borrowing costs, China stimulus measures and supply constraints will continue to drive silver higher and it could potentially climb to around $45 in 2025, Sachdeva said.
Palladium XPD= jumped 5.4% to $1,115.60, its highest since Sept. 18. The U.S. asked Group of Seven allies to consider sanctions on Russian palladium and titanium, Bloomberg News reported.
"Considering that Russia accounts for about 40% of palladium mine supply, such a decision would tighten the market and see prices rising considerably," UBS analyst Giovanni Staunovo said.
Platinum XPT= rose 1.8% to $1,034.40.
Gold vs Dollar https://tmsnrt.rs/3NECxmq
Spot Palladium https://tmsnrt.rs/3NG0v0x
Reporting by Ashitha Shivaprasad and Anmol Choubey in Bengaluru; Editing by Rashmi Aich, Janane Venkatraman, Varun H K and Sumana Nandy
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