{"id":15416,"date":"2024-10-18T09:23:44","date_gmt":"2024-10-18T09:23:44","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15416"},"modified":"2024-10-18T09:23:44","modified_gmt":"2024-10-18T09:23:44","slug":"gold-at-record-highs-with-election-uncertainty","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-at-record-highs-with-election-uncertainty\/","title":{"rendered":"Gold at Record Highs with Election Uncertainty"},"content":{"rendered":"\n<p><strong>Key points<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold is trading at $2,694.99 per ounce, close to its record high of $2,696.59.<\/li>\n\n\n\n<li>Federal Reserve rate cut expectations and geopolitical tensions are driving demand for gold.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Spot gold held its position at $2,694.99 per ounce as of early Friday morning, maintaining momentum after reaching a new record high of $2,696.59 the previous day. <\/p>\n\n\n\n<p>The metal has risen over 1% this week, reflecting strong demand amidst the uncertainty surrounding the U.S. election and ongoing Middle East tensions. <\/p>\n\n\n\n<p>U.S. gold futures also ticked higher, up 0.1% to $2,710.20 per ounce, underlining the strength in gold&#8217;s current upward trend.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/image-37-1024x463.jpeg\" alt=\"\" class=\"wp-image-15417\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>See: Gold is showing a bullish trend with upward momentum but it faces short-term resistance around 2714 on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA%20%E2%80%8EVT%20Markets-Online%20Trading%20%E2%80%8ETrade%20anytime,%20anywhere%20now%20with%20VT%20Markets%20%E2%80%93%20a%20Global-recognized%20CFD%20broker!%20The%20VT%20Markets%20App%20gives%20you%20on-the-go%20access%20to%201000+%20tradable%20assets%20contracts-for-differences%20(CFDs)%20including%20Fore...\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Gold Rises as U.S. Election Tensions and Geopolitical Unrest Increase<\/strong><\/h2>\n\n\n\n<p>With the U.S. presidential election approaching, Vice President Kamala Harris and former President Donald Trump are making their final pushes to rally voters. <\/p>\n\n\n\n<p>The heated political environment is one of the key drivers of the recent surge in gold prices, as market participants often turn to gold during times of uncertainty.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Harris holds steady, marginal 45%-42% lead over Trump, Reuters\/Ipsos poll finds<br><br>Read more: <a href=\"https:\/\/t.co\/h93hIdUFdR\">https:\/\/t.co\/h93hIdUFdR<\/a><\/p>&mdash; GMA Integrated News (@gmanews) <a href=\"https:\/\/twitter.com\/gmanews\/status\/1846289946312667452?ref_src=twsrc%5Etfw\">October 15, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The political backdrop is further complicated by the recent killing of Hamas leader Yahya Sinwar by Israeli forces, which may prolong the conflict in the Middle East. <\/p>\n\n\n\n<p>This geopolitical instability is another factor boosting gold&#8217;s safe-haven appeal.<\/p>\n\n\n\n<p>The economic data out of the U.S. has been robust, pointing to an economy in good shape. <\/p>\n\n\n\n<p>Despite this, the Federal Reserve is widely expected to cut interest rates in November, with traders assigning an 88% probability of a rate cut, according to the CME Fedwatch tool. <\/p>\n\n\n\n<p>Lower interest rates make gold more attractive since it does not generate interest, leading to an increased likelihood of traders hedging through gold.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Swiss Gold Exports Decline, Yet Bullish Gold Prices Persist<\/strong><\/h2>\n\n\n\n<p>In the physical market, Swiss gold exports fell in September to their lowest level since June. <\/p>\n\n\n\n<p>The reduction in shipments, especially to India, points to some weakness in physical demand. However, this has not been enough to offset the broader bullish trend seen in gold prices. <\/p>\n\n\n\n<p>Other precious metals, including silver and platinum, are also performing well.<\/p>\n\n\n\n<p>Spot silver rose 0.2% to $31.76 per ounce, while platinum steadied at $991.60, both tracking towards weekly gains. Palladium, on the other hand, edged down slightly, falling 0.1% to $1,040.75 per ounce.<\/p>\n\n\n\n<p><strong>See also: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/gold-nears-record-highs-on-u-s-data\/\">Gold Nears Record Highs on U.S. Data<\/a><\/strong><\/p>\n\n\n\n<p>Gold&#8217;s position near its record peak reflects traders&#8217; growing concerns about global instability. <\/p>\n\n\n\n<p>We anticipate that if geopolitical tensions continue and central banks keep easing monetary policy, gold could see further upside in the coming weeks. <\/p>\n\n\n\n<p>However, any shifts in the economic or political landscape could introduce volatility into the market.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold stays near record highs amid geopolitical tensions, U.S. election uncertainty, and hopes for looser monetary policy. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[7,46],"class_list":["post-15416","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-gold","tag-precious-metals"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15416"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15416\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}