Gold Daily | Record Highs Amid U.S. Election Uncertainty and Rate Cut Expectations Boost Gold Appeal

【Latest Gold Price and Recent Trends】

Gold prices hit a record high at $2,685.62, driven by U.S. election uncertainties and central banks' rate cut expectations. The price rose 0.3% to $2,680, continuing a 1% weekly gain.

【Technical Analysis】

Gold remains strong above $2,666.86, indicating a bullish trend. A breakthrough at $2,685.60 could lead to further gains, with resistance at $2,700 and support at $2,653.29. Short-term support lies at $2,670.

【Market Sentiment and Economic Background】

Uncertainty surrounding the U.S. election and global rate cuts boost gold's appeal as a safe haven. Middle East tensions and strong central bank purchases support prices, while lower interest rates make non-yielding gold attractive.

【Analyst Opinions】

Analysts suggest that gold could face short-term resistance at $2,700 but expect a possible rise to $2,900 next year. Political uncertainties, fiscal instability, and geopolitical tensions are key drivers. Some analysts foresee gold needing to breach $2,685 to confirm further bullish momentum.