Gold Hits Record High Amid Global Uncertainty
Gold extended its rally today, driven by heightened demand for safe-haven assets amid U.S. election uncertainties and ongoing conflict in the Middle East, pushing prices above $2,700 per ounce.
By the close of trading on October 17th, spot gold surged 180 pips to $2,692 per ounce, marking a new record high with further upward momentum expected.
Since the beginning of the year, gold has gained over 30%, repeatedly setting new peaks. This rise is mainly attributed to geopolitical instability and the likelihood that the U.S. Federal Reserve will continue lowering interest rates. Meanwhile, Israel announced the elimination of Hamas leader Yahya Sinwar during an operation in southern Gaza.
During U.S. trading, gold saw a brief pullback after retail sales data showed a slight increase in September, and U.S. jobless claims unexpectedly fell last week. However, the overall trend remains strong as global economies continue to lower interest rates, supporting gold prices.
By the close of trading on October 17th, spot gold surged 180 pips to $2,692 per ounce, marking a new record high with further upward momentum expected.
Since the beginning of the year, gold has gained over 30%, repeatedly setting new peaks. This rise is mainly attributed to geopolitical instability and the likelihood that the U.S. Federal Reserve will continue lowering interest rates. Meanwhile, Israel announced the elimination of Hamas leader Yahya Sinwar during an operation in southern Gaza.
During U.S. trading, gold saw a brief pullback after retail sales data showed a slight increase in September, and U.S. jobless claims unexpectedly fell last week. However, the overall trend remains strong as global economies continue to lower interest rates, supporting gold prices.
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