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Thursday, October 31, 2024

Gold is rising to record levels and is heading for its best performance in 7 months

Gold is rising to record levels and is heading for its best performance in 7 months

Price movements

settle gold In spot transactions, it reached $2,786.89 per ounce by 02:54 GMT, after hitting an all-time high of $2,790.15 earlier in the session.

Prices jumped by six percent this month.

US gold futures fell 0.1 percent to $2,797.80.

The US elections scheduled for November 5 have entered their decisive final stage, and opinion polls indicate an intensification of the competition between the former US President, the Republican Donald Trump And the Democratic Vice President Kamala Harris.

Investors are awaiting key personal consumption spending data scheduled to be released at 12:30 GMT.

They are also awaiting data on weekly unemployment aid claims US Scheduled for release later today, and the jobs report to be released tomorrow, Friday.

According to the Fed Watch tool, traders expect 96 percent of the US Federal Reserve to cut short-term borrowing costs by a quarter of a percentage point next week.

Bullion is usually seen as a safe investment during times of economic and geopolitical uncertainty, and thrives in a low interest rate environment.

As for other precious metals, silver fell 0.3 percent to $33.68 per ounce, platinum settled at $1,008.68, and palladium fell 0.6 percent to $1,141.00. The three metals are heading for monthly gains.



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