Gold Hits All-Time High ahead of U.S. Election
Gold has hit an all-time high in the global commodities market ahead of U.S. election. Gold hit another record high this morning, topping the all-time peak set just yesterday, climbing to $2,789.86/oz, ING said in a note.
Analysts said Gold’s rise comes despite rising bond yields and a strong US dollar—typically a headwind for the precious metal—as the market awaits US data at the end of the week, including inflation and payroll figures, for clues on the pace of Fed rate cuts.
Gold has been one of the best-performing commodities this year, surging by more than 30%, ING analysts said, adding that the upsurge was supported by central bank buying and safe-haven demand amid conflicts in the Middle East and Ukraine.
“Uncertainty ahead of the US election next week has also supported gold’s record-breaking rally this year, and we believe it will continue to add to gold’s upward momentum,” ING said.
Analysts said investors should expect more volatility in the days to come, as uncertainty around future US policies likely leads to a flight into safe havens. #Gold Hits All-Time High ahead of US Election Naira Rises against US Dollar Ahead of Sept. FX Auction
