Gold prices have surged to a record high as traders anticipate upcoming U.S. economic data releases and closely monitor the increasingly tight U.S. presidential election. Gold saw an increase of 0.5%, reaching $2,685.74 per ounce, surpassing last month's peak.
Since the start of this week, gold prices have climbed approximately 1%, with investors adjusting their portfolios with less than three weeks remaining before the U.S. election. Both candidates could bring different economic risks, but regardless of whether Trump or Harris wins, gold prices are likely to continue receiving support.
Traders are now focusing on the imminent release of U.S. retail sales and unemployment figures to gain more insights into the Federal Reserve's rate cut trajectory this year. According to Bloomberg's economic research, initial jobless claims in the U.S. may remain high for the week ending October 12, while consumer spending is expected to grow moderately. Gold typically benefits from lower interest rates.
This year, gold prices have risen by 30%, making it one of the strongest-performing commodities in 2024. At the time of writing, spot gold had increased by 0.24%, reaching $2,680.16 per ounce. The Bloomberg Dollar Spot Index remained stable after three consecutive days of gains. Meanwhile, silver and palladium experienced slight declines, while platinum saw an increase.
