Gold prices eased on Monday, retreating from two-week highs, as the market zeroed in on the potential outcome of this week's US elections and a Federal Reserve decision on asset buying. US gold futures most-active contract, December, settled down $7, or 0.52 percent, at $1,350.60 an ounce on the COMEX division of the New York Mercantile Exchange.
It touched $1,366.40, its peak since October 19, during the session. Spot gold, which reflects trades in bullion, was almost flat, trading at $1,351.51 an ounce by 3 pm EDT (1900 GMT), versus $1,352.70 in New York late on Friday. Bullion hit $1,365.49 earlier in the session, the highest level since October 19.
Silver and palladium outperformed gold in Monday's session, extending their sharp run-up from last week. Silver rose to its highest levels in 30 years, tracking gains in gold to break through $25 an ounce for the first time since 1980. COMEX silver's December contract settled down $1.20 at $24.552 an ounce, after racing to $25.055 earlier. Spot silver peaked at $25.03 an ounce and was later bid at $24.63 an ounce against $24.64. NYMEX December palladium finished up more than half percent, or $3.60, at $648.70 an ounce, extending nine-year highs seen in the previous session. Spot palladium rose to a peak of $655 an ounce, its highest since 2001.