Gold rose in instant transactions 0.4 percent to $2,703.61 per ounce by 0748 GMT, after reaching the highest level at $2,714 earlier in the session. And it increased gold This week, two percent.
US gold futures also rose 0.4 percent to $2,719.20.
Christopher Wong, a foreign exchange expert at OCBC, said that gold may gain more momentum in light of developments in the US elections and geopolitical uncertainty, according to Reuters.
The Lebanese Hezbollah group said that it intends to move to an “escalating” phase in the confrontation with Israel After the assassination of Yahya Sinwar, head of the political bureau of Hamas.
In the United States, less than three weeks before the US presidential elections, Democratic Vice President Kamla Harris and former Republican President Donald Trump are seeking to obtain the support of all voters who have not decided their positions.
“Gold does not care about the rise of the dollar and rises whenever the opportunity arises,” said Tai Wong, an independent metals trader based in New York.
US economic data released last night showed the strength of the economy, which strengthened the US dollar and Treasury bond yields. However, traders still expect a 90 percent chance that the Federal Reserve will cut interest rates in November.
The European Central Bank cut interest rates for the third time this year as the euro zone economy slowed.
Low interest rates increase the attractiveness of gold, which does not generate returns.
Delegates participating in the annual meeting of the Bullion Market Association in London expected the price of the yellow metal to rise to $2,941 per ounce during the next twelve months, and silver to $45 per ounce.
As for other precious metals, silver rose in spot transactions by 0.9 percent to $31.97 per ounce and is heading for a weekly gain. Platinum increased 1.4 percent to $1,005.88, and palladium rose 1.9 percent to $1,062.32.
