The increase in prices for the precious metal was facilitated by the increased demand for safe assets on the eve of the presidential election in the United States.
Global gold prices rose to a new record high. This was confirmed by the trading results on Wednesday, October 23.
Thus, spot gold rose in price by 0.13%, to a record level of $2,753 per ounce, and December futures rose by 0.42%, to 2,771 per ounce.
According to Western agencies, gold rose in price as the dollar hit a near three-month high on rising bets that the US Federal Reserve will cut interest rates at a slower pace.
The rise in gold prices was mainly driven by increased demand for safe-haven assets on the eve of the US presidential election.
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The rest of the precious metals showed mixed dynamics on Wednesday. Silver futures fell 0.5% to $34.885 an ounce, while platinum contracts rose 0.5% to $1,046.10 an ounce.
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. Earlier in October, the price of gold had reached new highs.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.