Gold suffers sharp pullback as profit-takers move in after record rally

seekingalpha11-01

monsitj/iStock via Getty Images Gold futures lost ~$50/oz Thursday in a sharp pullback from record highs in the previous session, but still rose nearly 4% for the month as uncertainties around the U.S...

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investors now await jobs data due on Friday ahead of the Fed's policy meeting next week. Front-month Comex gold (XAUUSD:CUR) for November delivery closed -1.8% to $2,738.30/oz, the largest one day dollar and percentage decline since July 25 but still the sixth highest settlement this year, and front-month November silver (XAGUSD:CUR) ended -3.7% to $32.653/oz. For October, gold gained 3.9% for an eighth consecutive monthly gain, the yellow metal's longest monthly winning streak on record, rising by a third during the period, while silver rose 4.8% for the month. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (RING), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ) Whether Thursday's pullback in gold is a \"minor dent in this huge rally\" or a \"deeper, multi-week consolidation\" is a difficult question to answer, with \"a lot in the air\" that could influence the metal's path, GoldSeek.com president and founder Peter Spina says. The uncertain outcome of next week's election has brought in safe-haven buyers, but the two major political parties are not \"addressing the trillion-plus\" dollar figure in the room, which is seeing \"interest payments on the national debt swelling as deficits keep accumulating,\" Spina says.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480013648"}