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Gold Prices Surge Amid U.S. Election Uncertainty
Gold prices increased on Tuesday, hovering near a record high reached the previous day due to ongoing uncertainties surrounding the U.S. election and escalating tensions in the Middle East. Spot gold rose by 0.5% to $2,732.44 per ounce, while U.S. gold futures climbed 0.3% to $2,746.20.
This precious metal, often viewed as a hedge against political and geopolitical instability, hit an all-time high of $2,740.37 on Monday, marking a more than 32% increase for the year. IG market strategist Yeap Jun Rong noted, “A confluence of tailwinds remains in place for gold,” including its appeal amidst U.S. election uncertainties and geopolitical risks, alongside robust central bank demand.
With the U.S. presidential election just over two weeks away, political figures like former President Donald Trump and Vice President Kamala Harris are locked in a competitive battle for key states. Recent developments, such as Israel's military actions against Hezbollah in Lebanon and Hamas in Gaza, have further fueled geopolitical tensions.
Traders anticipate an 89% probability of a 25-basis-point interest rate cut by the U.S. Federal Reserve in November, according to the CME FedWatch tool. Notably, gold's rally persists despite a stronger dollar and rising treasury yields, which recently hit a 12-week high.
In related markets, spot silver rose 0.9% to $34.05 per ounce, while Citi Research has revised its silver price forecast to $40 per ounce. Platinum and palladium also saw gains, rising 0.6% and 1.1%, respectively.
