The record rally in gold was driven by the US presidential campaign and the prospect of further cuts in US interest rates.
The price of gold has reached a new all-time high due to increased demand for safe-haven assets among investors ahead of the US presidential election. Reuters wrote this on Wednesday, October 30.
As of 10:00 Kyiv time, spot gold was up 0.45% at $2,787.19. In turn, December futures rose 0.65%, hitting an all-time record of $2,801.65.
“Gold is largely dependent on the outcome of the US election… In the near term, spot gold will face resistance at $2,800, followed by $2,826,” said OANDA’s senior market analyst for Asia-Pacific Kelvin Wong.
The US presidential campaign is entering its final phase. The latest polls show a tight race between Donald Trump and Kamala Harris.
Another factor contributing to gold’s record rally is the prospect of further US interest rate cuts. Fed officials are almost certain to cut short-term borrowing costs by a quarter point next week as a US Labor Department report showed job openings in September fell to the lowest level since January 2021.
“If we see hot inflation numbers or a strong jobs report, that could lead to lower gold prices,” Wong added.
Meanwhile, Goldman Sachs analysts lowered their forecast for gold prices from $3,080 to $3,000 by the end of 2025, but maintained their bullish position. He also expects the metal to grow by 7% due to Western exchange-traded funds (ETFs).
Spot silver fell 0.3% to $34.33 an ounce. Palladium fell nearly 1% to $1,210.72 an ounce and platinum rose 0.1% to $1,046.89.
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.
The Armenian wants to get a gold chain weighing about 2 kg from the Russian Federation.
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.