Gold Hits Historic High Again on Thursday.
So far this year, the international price of gold has risen by 30%, marking an unprecedented rally fueled by expectations that the Federal Reserve may cut interest rates again this year following a significant reduction last month, coupled with ongoing geopolitical uncertainties.
On Thursday, gold prices reached another historic high as investor anxiety surrounding the upcoming US presidential elections and the conflict in the Middle East drove demand for this safe-haven asset. A generally accommodative monetary policy environment has also kept prices on the rise. Spot gold climbed 0.6% to $2,690.14 per ounce, while US gold futures gained 0.5%, reaching $2,705.80.
In addition to concerns about the Middle East, the approaching US elections, which appear to be highly contested, are generating a range of uncertainties. Gold typically serves as a refuge during such turbulent times.
Analysts predict that the price of gold could rise to $2,941 per troy ounce within the next 12 months, as forecasted earlier this week by delegates at the annual meeting of the London Bullion Market Association (LBMA).
Earlier in the US session, prices pulled back from their historic highs after data revealed that retail sales in the US rose slightly more than expected in September, while a report from the Department of Labor indicated an unexpected decline in unemployment claims last week.
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