Gold prices rose to record highs today as demand for safe haven assets increased due to uncertainty about the global situation, due to conflicts in the Middle East and elections the approaching US.
The price of gold in immediate trading was at $2,749.82 an ounce by 04.37 GMT, after hitting an all-time high of $2,750.21 earlier in the session.
US gold futures rose 0.2 percent to $2,764.
Gold is usually a hedge against uncertainty in economic and geopolitical conditions.
As of last month, the Federal Reserve (US central bank) began a monetary easing cycle by reducing interest rates by 50 basis points. The CME Fed Watch tool showed the odds that the Fed would take the same step next month had declined, but traders saw a 92 percent chance of a quarter-point cut. By reducing interest rates increases the attractiveness of gold, which does not create a yield.
As for other precious metals, silver in spot transactions fell 0.5 percent to $34.67 an ounce after hitting its highest level since late 2012 at $34.87 in the previous session.
Platinum rose 0.5 percent to $1,033.88 an ounce. Palladium increased 0.3 percent to $1,078.72.
2024-10-23 06:51:00
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