Record run steers gold to best quarter in four years
Bullion up over 13% so far for the quarter
Silver set for 7% quarterly rise
Palladium on track for quarterly rise
Updates prices as of 1808 GMT, adds Powell comment in paragraph 8
By Sherin Elizabeth Varghese
Sept 30 (Reuters) -Gold eased on Monday, taking a breather after a historic rally driven by U.S. monetary easing and heightened Middle East tensions, which put it on course for its best quarter since 2020.
Spot gold XAU= was down 0.9% at $2,634.75 per ounce as of 02:08 p.m. ET (1808 GMT).
U.S. gold futures GCcv1 settled 0.3% lower at $2,659.40.
Gold has risen over 13% so far this quarter, which would be its best since early 2020, having hit an all-time high of $2,685.42 on Thursday, fuelled by the U.S. Federal Reserve's half-percentage-point cut and flare-ups in the Middle East.
"There may be some rotation out of precious metals into shares, but I don't think that's going to last ... undoubtedly, the trend is up in gold," said Peter A. Grant, vice president and senior metals strategist, Zaner Metals.
Analysts said bullion's run was reined in by profit-taking and a surge in Chinese stocks. MKTS/GLOB
When risk appetite rises, investors generally shy away from safe-haven gold, although its recent gains have come alongside a rise in equities, especially after the Fed's oversized cut, as lower interest rates also burnish appeal for zero-yield bullion.
Fed Chair Jerome Powell on Monday predicted a continued slowdown in the country's inflation, which could lead to a cut in the central bank's interest rate. This move could eventually lift the constraints on economic activity "over time."
"We see more consolidation (in gold) near term," said Standard Chartered analyst Suki Cooper.
"At this stage, the main catalyst seems to be around macro drivers and monetary policy. So, scope for surprises in terms of the pace of rate cuts would potentially be the main trigger."
If gold prices retreat, particularly alongside a strengthening yuan, Chinese physical demand could rebound in the fourth quarter, Heraeus analysts said in a note.
Goldman Sachs raised its gold price forecast to $2,900 per ounce from $2,700 per ounce for early 2025.
Silver XAG= dipped 1.7% at $31.08 per ounce, but was set for a 6.7% quarterly rise.
Platinum XPT= shed 2.2% to $977.90. Palladium XPD= declined 1.5% to $996.00, but was headed for a quarterly gain.
Silver surges to over a decade highs https://reut.rs/4dn9vlr
Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Shreya Biswas and Alan Barona
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