Longest rally: Bullion is heading for a fifth monthly advance as the Fed and central banks globally cut interest rates to prop up economies hurt by the trade war. — Reuters
Singapore: Gold steadied after posting its longest rally in three months as investors weighed growing political tensions in the United States, which reinforced demand for havens that have already benefited from central bank easing, slowing growth and the trade war. Palladium notched a fresh record.
The traditional haven was supported as Speaker Nancy Pelosi said the House opened a formal impeachment inquiry into President Donald Trump following revelations he pushed Ukraine’s government to investigate Joe Biden. Adding to tensions is the uncertainty surrounding planned high-level US-China trade talks in October after Trump laid into Beijing in a speech at the United Nations.
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