Gold Hits Record High Amid Global Turmoil

23 Oct 2024 , 09:50 AM

As demand for safe-haven assets increased due to the Middle East crises and the uncertainty surrounding the forthcoming U.S. election, gold prices shot up to a record high on Wednesday.

After peaking at 2749.07 earlier in the day, spot gold was barely moving at $2,746.25 an ounce. At $2,761.4, U.S. gold futures increased by 0.1%.

According to a recent Reuters/Ipsos survey, Democratic U.S. Vice President Kamala Harris led Republican former President Donald Trump by a slim margin, 46% to 43%.

Israel acknowledged Tuesday that Hashem Safieddine, the presumed heir to Hassan Nasrallah, the leader of Hezbollah, had been killed in an Israeli strike against the Iran-backed militant group in Lebanon.

In other news, CME’s FedWatch tool indicates that the likelihood of the U.S. Federal Reserve delivering a quarter-point decrease at its meeting on November 7 is 91.5%.

In the meantime, the International Monetary Fund stated on Tuesday that the U.S. economy will continue to drive the majority of global growth through the end of this year and 2025.

After reaching its highest level since late 2012 at $34.87 per ounce in the previous session, spot silver dropped 0.3% to $34.71 per ounce.

For feedback and suggestions, write to us at [e-mail]