Gold poised to end October with 4%; central banks lift demand

Gold prices climbed above $4030 per ounce in Asia trades on Friday, wrapping up October with a solid 4% monthly gain ? its fourth consecutive monthly rise. The yellow metal found support from strong central bank purchases and easing trade tensions after the US and China agreed to a one-year truce on rare earths and critical minerals. However, upside momentum was capped by a stronger US dollar and fading hopes of further Fed rate cuts, after Chair Jerome Powell signaled caution on policy easing. According to the World Gold Council, central banks bought 220 tons of gold in Q3, up 28% from the previous quarter, led by Kazakhstan and Brazil?s first purchase in over four years. On MCX, bullion futures traded marginally higher at ₹121702 per 10 grams.

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