Gold ticked lower to hover below a record on Thursday ahead of an expected eurozone interest rate hike, while ETF holdings dropped to their lowest in almost a year as investors shifted some of their money into other markets. Spot gold eased $2.31 to $1,454.69 an ounce by 0607 GMT, after striking a record of $1,461.91 on Wednesday as the US dollar slipped to a 14-month low against the euro.
Gold is far below its all-time inflation-adjusted high, estimated at almost $2,500 an ounce set in 1980 as a result of heightened geopolitical pressure and hyper inflation. Spot silver hardly changed at $39.30 an ounce, within sight of a 31-year peak of $39.75 struck on Wednesday.
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