Gold prices have been on a significant rise for months. Recently, the precious metal has crossed the $2,700 threshold. Here are the latest updates on gold prices.
Gold Price Reaches All-Time High
On October 18, 2024, gold prices continued their upward trend, reaching an all-time high. For the first time, the price of one ounce of gold exceeded $2,700, peaking at nearly $2,712. This surge marks a considerable increase from a year ago, when the price was below $2,000 per ounce.
Factors Driving the Price Increase
The recent rise in gold prices is partly attributed to the upcoming U.S. presidential election. As uncertainty looms over whether Republican candidate Donald Trump or Democratic candidate Kamala Harris will win on November 5, many investors are turning to gold as a safe haven.
Additionally, declining oil prices have eased concerns about rising inflation. This situation allows for the possibility of interest rate cuts by central banks, which generally boosts demand for gold. Lower interest rates make fixed-income investments less appealing, leading investors to seek gold instead. Furthermore, a decrease in U.S. interest rates could weaken the dollar, making gold—traded in dollars—more attractive to buyers using other currencies. The ongoing tensions in the Middle East also contribute to the demand for gold.
As of 9:57 AM, the gold price was reported at approximately $2,703, according to TradingView.
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