Gold price hits fresh record high on US election uncertainty, geopolitical risks
The post Gold price hits fresh record high on US election uncertainty, geopolitical risks appeared on BitcoinEthereumNews.com.
Gold price continues scaling new all-time peaks amid US election jitters, Middle East woes. The momentum seems unaffected by elevated US Treasury bond yields and a bullish USD. Traders now look forward to important US macro data before positioning for further gains. Gold prices (XAU/USD) climbs to a fresh record high during the Asian session on Wednesday as uncertainties surrounding the US presidential election, and the Middle East conflict continue to boost demand for traditional safe-haven assets. Apart from this, a modest pullback in the US Treasury bond yields and subdued US Dollar (USD) price action benefit the precious metal. The supporting factors, to a larger extent, overshadow the upbeat market mood, which tends to undermine the commodity. Even expectations for smaller interest rate cuts by the Federal Reserve (Fed) and elevated US Treasury bond yields do little to hider the underlying bullish sentiment surrounding the non-yielding Gold price. It, however, remains to be seen if bulls can build on the momentum amid slightly overbought conditions on the daily chart and ahead of key US macro releases. The data might provide cues about the Fed’s rate outlook and determine the next leg of a directional move for the XAU/USD. Daily Digest Market Movers: Gold price benefits from US political uncertainty and Middle East tensions Republican former US President Donald Trump and Democratic Vice President Kamala Harris are caught in a tight race for the White House, fueling political uncertainty and pushing the Gold price to a fresh record high on Wednesday. An Israeli strike on a residential building in northern Gaza killed nearly 100 people on Tuesday. This comes days after the Israeli military confirmed on Sunday that the air force had conducted a precise strike targeting Hamas fighters. The development raises the risk of a further escalation of tensions…
Filed under: News - @ October 30, 2024 4:17 am