Gold Daily | Gold Rises Amid Weaker Stocks, Geopolitical Tensions, and Fed Rate Cut Expectations

【Latest Gold Price and Recent Trends】

Gold prices rose for a second day, reaching $2,679.12 per ounce, driven by weaker stocks and bond yields. Year-to-date, gold has surged about 30%, supported by election uncertainty and geopolitical tensions.

【Technical Analysis】

Gold shows strong bullish momentum, with resistance at $2,685.60 and $2,695.44. Key support lies at $2,655.00, and a break below this may lead to further declines.

【Market Sentiment and Economic Background】

The upcoming U.S. election and geopolitical tensions support gold's rise. Investors await U.S. data on retail sales and industrial production for Fed rate cut clues. Market expectations lean towards a 25 basis point rate cut at the November meeting.

【Analyst Opinions】

UBS analysts highlight a favorable environment for gold, suggesting it as an effective hedge in volatile markets. ANZ strategist Soni Kumari cites U.S. monetary policy easing as a key driver, with additional support from geopolitical tensions. Analysts forecast gold reaching new highs in the coming months based on strong investment demand and central bank actions.