Gold marches to record as US election jitters fuel safe-haven rush

Gold deed an all-time highest connected Wednesday arsenic investors flocked towards the safe-haven metallic little than a week earlier the U.S. statesmanlike election, portion they awaited economical information for clues connected the Federal Reserve's complaint stance.

Spot golden was up 0.2% astatine $2,779.39 per ounce arsenic of 0308 GMT, aft hitting an all-time precocious of $2,782.03 earlier successful the session.

U.S. golden futures roseate 0.4% to $2,791.70.

"Gold is precise overmuch being anchored connected the U.S. predetermination result ... In the adjacent term, spot golden volition look absorption astatine $2,800, past followed by $2,826," said Kelvin Wong, OANDA elder marketplace expert for Asia Pacific.

The Nov. 5 predetermination has entered its last stretch, with caller polls indicating a fiercely competitory contention betwixt Donald Trump and Kamala Harris.

Another contributor to gold's grounds rally is expectations of further U.S. involvement complaint cuts. Lower rates trim the accidental outgo of holding zero-yield bullion.

Fed policymakers are astir definite to present a quarter-point simplification successful short-term borrowing costs adjacent week, arsenic a U.S. Labor Department study showed occupation openings dropped successful September to their lowest level since January 2021.

"If we spot blistery ostentation numbers oregon a beardown jobs report, past determination could beryllium a derailment successful golden prices," Wong added.

Other large information sets owed this week see the ADP employment study astatine 1215 GMT connected Wednesday, U.S. Personal Consumption Expenditures (PCE) connected Thursday and Friday's payrolls report.

In addition, Goldman Sachs lowered its golden forecast from $3,080 to $3,000 by December 2025, but maintained its bullish stance. It besides anticipates a 7% upside from Western exchange-traded money (ETF) holdings.

On the retail front, Indian golden buyers overlooked grounds precocious prices, purchasing for the Dhanteras and Diwali festivals, hoping for continued terms rallies amid a cooling banal market.

Spot metallic shed 0.3% to $34.33 per ounce.

Palladium fell astir 1% to $1,210.72 per ounce, portion platinum roseate 0.1% to $1,046.89.

Stronger request and the hazard of proviso disruption are expected to thrust prices for platinum and palladium higher successful 2025 from this year's averages, a Reuters canvass showed. 

Follow Emirates 24|7 connected Google News.