Gold's Record Rally Halts as Dollar Strengthens

This Thursday, gold has decreased from its record high reached in the previous session, affected by profit-taking and a slight rise in the dollar. However, it has received some support from expectations of further interest rate cuts in the United States.

By 0118 GMT, spot gold declined by 0.2 percent to $3,858.50 per ounce after recording an all-time high of $3,895.09 on Wednesday. December U.S. gold futures also fell by 0.4 percent to $3,883.60.

The dollar index increased 0.1 percent against rival currencies, making gold more expensive for holders of other currencies. Data revealed that private sector jobs in the U.S. fell by 32,000 in September, following a revised decrease of 3,000 jobs in August.

Regarding other precious metals, spot silver dropped 0.5 percent to $47.07 per ounce. Platinum fell 0.3 percent to $1,552.05, while palladium increased by 1 percent to $1,256.93.