Gold price on weekend (October 18)
Updated
Gold prices continued to rise today and hit a new record, reaching a full $2,700 at the beginning of the session and the upward momentum is still strong.
Accordingly, gold reached a record high as it continued to be driven by safe-haven demand, due to concerns about instability surrounding the US presidential election and conflicts in the Middle East. In addition, expectations that the US Central Bank will continue to loosen monetary policy after cutting interest rates by half a percent last month are growing, also adding strength to the yellow metal. Thus, with the recent increase, gold prices have increased by more than 30% and officially "broke" the record.
In addition to concerns related to the situation in the Middle East, the US election also created instability, which continued to boost safe-haven demand for this yellow metal.
Accordingly, gold reached a record high as it continued to be driven by safe-haven demand, due to concerns about instability surrounding the US presidential election and conflicts in the Middle East. In addition, expectations that the US Central Bank will continue to loosen monetary policy after cutting interest rates by half a percent last month are growing, also adding strength to the yellow metal. Thus, with the recent increase, gold prices have increased by more than 30% and officially "broke" the record.
In addition to concerns related to the situation in the Middle East, the US election also created instability, which continued to boost safe-haven demand for this yellow metal.
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