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Gold scales record peak as United States election jitters fuel safe-haven rush

Gold struck an alltime peak on Wednesday as financiers gathered towards the safehaven metal with less than a week left for the U.S. presidential election, while they likewise waited for economic data for ideas on the Federal Reserve's rate position.

Area gold rose 0.3% to $2,783.72 per ounce, since 0545 GMT, after striking an all-time high of $2,783.96 earlier in the session.

U.S. gold futures rose 0.5% to $2,795.60.

Gold is very much being anchored on the U.S. election outcome ... In the near term, spot gold will face resistance at $ 2,800, then followed by $2,826, stated Kelvin Wong, OANDA senior market analyst for Asia Pacific.

The Nov. 5 election has entered its final stretch, with recent polls showing an increasingly competitive race in between Donald Trump and Kamala Harris.

Another factor to gold's record rally is expectations of additional U.S. interest rate cuts. Lower rates minimize the chance expense of holding zero-yield bullion.

Fed policymakers are nearly certain to deliver a. quarter-point reduction in short-term borrowing costs next week,. as a U.S. Labor Department report showed job openings dropped in. September to their lowest level since January 2021.

If we see hot inflation numbers or a strong jobs report,. then there might be a derailment in gold rates, Wong added.

Other major data due this week consist of the ADP employment. report at 1215 GMT on Wednesday, U.S. Personal Consumption. Expenses (PCE) on Thursday and Friday's payrolls report.

Goldman Sachs lowered its gold projection from $3,080 to. $ 3,000 by December 2025, however preserved its bullish stance. It. likewise expects a 7% upside from Western exchange-traded fund. ( ETF) holdings.

On the retail front, Indian gold buyers overlooked record. high rates and made purchases for the Dhanteras and Diwali. festivals that started on Tuesday, according to market. officials.

Area silver shed 0.6% to $34.25 per ounce.

Palladium tipped over 2% to $1,197.75 per ounce,. while platinum rose 0.3% to $1,048.85.

Stronger need and the risk of supply disruption are. anticipated to drive platinum and palladium prices higher in 2025. from this year's averages, a Reuters survey revealed.

(source: Reuters)