Gold Surges Amid Expanding Market Volatility

On Wednesday, gold prices peaked following United States (US) election uncertainty, Middle East woes, and potential rate cuts.

Bullion futures for December delivery climbed by 0.32% to $2,790.00 per troy ounce on October 30’s Asian afternoon trading.

Based on reports, the rise in the cost of the commodity in today’s session allowed it to reach a new all-time high. The continued rally comes despite a robust US dollar and growing bond yields, which commonly pull prices.

Additionally, uncertainties in the US election boosted the bets on safe-haven, supporting the yellow metal. Former President Donald Trump faces a tight race against Democratic Vice President Kamala Harris for the seat in the White House.

In line with this, sustaining gold prices is the geopolitical conflict, wherein an Israeli strike in Gaza impacted nearly 93 Palestinians.

Moreover, investors await more economic data to gauge the Federal Reserve’s stance on the policy. Correspondingly, the market shows a 98.00% likelihood of a 25-basis-point rate cut by the US central bank.

According to analysts, the upward trend of gold would continue if the factors continue to create fluctuations in asset prices.

Furthermore, bullion registered about 34.00% year-to-date growth and is forecasted to extend its advancements into 2025.

India Resists Gold Prices on Dhanteras Festival

During the Dhanteras Festival in India, buyers of gold continued to make solid purchases despite record-high prices. The event is a day intended for acquiring the yellow metal in the country, underlining better returns.

As indicated by PNG Jewelers chairman Saurabh Gadgil, people still see the appeal of bullion, which boosted the demand for bars and coins.

In addition, local gold prices achieved the latest peak of ₹78,919 ($938.64) for every 10.00 grams last week.

At the same time, the strong demand in India during Dhanteras might help supplement the global costs of the commodity.

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