Investing.com – Updated at 15:36 EST
Spot gold prices are now recording, at 15:36 Saudi time, a new record high at $2,715 per ounce, with an increase of more than 0.80%.
US building permit data was released, and it defied expert expectations. This indicator is considered one of the important data that plays a role in the decisions of the US Federal Reserve related to monetary policy.
I signed up Building permits On a monthly basis in September, about 1.428 million approvals, compared to expectations of 1.450 million, and compared to the previous reading of 1.470 million.
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Gold broke above $2,700 an ounce on Friday for the first time ever, as US election fears and rising tensions in the Middle East fueled demand for the safe haven.
Gold may gain further momentum due to electoral developments and geopolitical uncertainty, said Christopher Wong, OCBC FX strategist.
Elsewhere, with less than three weeks left to cast votes in this presidential election in the United States, Democratic Vice President Kamala Harris and former Republican President Donald Trump are ‘ seek voter support.
“Gold has mocked the rise of the dollar and is rising every chance it gets,” said Tai Wong, an independent metals trader based in New York “It’s just a bull market ‘ there does not indicate that he is tired.”
US economic data released overnight showed a strong economy, which strengthened the US dollar. But traders still see a 90% chance of a Fed rate cut in November. The European Central Bank cut interest rates for the third time this year as the region’s economy slowed.
Low interest rates increase the attractiveness of a bearish bull.
Ryan McIntyre, senior portfolio manager at Sprott Asset Management, said bullion will continue to perform well over the long term, benefiting from a fragile financial situation in many Western countries and global appetite. to store value independently of assets and other institutions.
Delegates at the annual meeting of the Bullion Market Association in London expected silver to rise to $2,941 over the next 12 months and silver to $45.
Gold at settlement yesterday
Gold futures extended their gains during trading on Thursday, with renewed demand for the safe-haven asset due to growing geopolitical tensions in the Middle East, and growing uncertainty ahead of general elections. -seat of the USA.
In settled trade, gold futures prices for December delivery rose 0.6%, or $16.2, at $2,707.5 an ounce, the first record close this month, and the 41st since of the year.
Gold and dollars now
Spot gold rose 0.6% to $2,709.28 an ounce, and is up 2% this week.
While the Americans rose 0.6% to $2724.50.
On the other hand, contracts fell 0.17% to 103.47 points.
other metals
In spot deals, it rose 0.9 percent to $31.97 an ounce and is heading for a weekly gain. Platinum increased 0.6 percent to $997.80 an ounce and increased 0.6 percent to $1,048.55 an ounce.
2024-10-18 12:41:00
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