The precious metal rose in price amid a general increase in demand for the most reliable assets amid uncertainty surrounding the US presidential election.
The price of gold has set a new historical record. This was confirmed by data on the Comex exchange on Friday, October 18.
December gold futures rose another 0.5% to $2,729 an ounce.
As written by Western agencies, the precious metal is rising in price against the backdrop of a general increase in demand for the most reliable assets in the face of uncertainty around the US presidential election.
Continued tensions in the Middle East and pessimism about the prospects for China’s economy are also contributing to the rise in gold prices.
Gold is also supported by the easing of monetary policy by the world’s largest central banks. Yesterday, the European Central Bank (ECB) cut all three main interest rates by 25 basis points (bps) on Thursday, noting that “the disinflationary process in the euro area continues as expected.”
Let’s remember that at the beginning of December 2023, the price of gold exceeded $2,100 per ounce for the first time in history. At the time, analysts predicted that the price of the precious metal could remain above $2,000 per ounce in 2024. At the end of September, the price of gold reached a new high.
Source: korrespondent
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