Gold Daily | Gold Hits Record $2,758 Amid Middle East Tensions and U.S. Election Uncertainty
Wednesday, Oct 23, 2024 8:00 am ET
1min read 【Latest Gold Price and Recent Trends】
International gold prices surged to a record high of $2,758.33 amid Middle East conflict and U.S. election uncertainty, settling at $2,755. The demand for safe-haven assets is driving this trend.
【Technical Analysis】
Gold continues its upward momentum, recently reaching $2,755.41. Analysts highlight geopolitical tensions in the Middle East and U.S. election unpredictability as key factors. Technical indicators show potential resistance at $2,756 and support at $2,730. Further bullish trends could target $2,800.
【Market Sentiment and Economic Background】
The market's expectations for aggressive Fed rate cuts have diminished, leading to a stronger dollar and rising Treasury yields. Despite these pressures, geopolitical risks and election uncertainties support gold as a hedge. The possibility of a Republican election victory is seen as beneficial for the dollar. Recently, Israel confirmed the death of a key Hezbollah figure, adding to geopolitical tensions.
【Analyst Opinions】
Analysts at Standard Chartered and other institutions expect gold prices to potentially rise further in the coming weeks, anticipating an average price of $2,800 in Q4 and $2,900 by Q1 2025. If Middle East tensions increase, prices could reach $3,000. Central bank policies and investor inflows into gold ETFs also support this bullish outlook.
International gold prices surged to a record high of $2,758.33 amid Middle East conflict and U.S. election uncertainty, settling at $2,755. The demand for safe-haven assets is driving this trend.
【Technical Analysis】
Gold continues its upward momentum, recently reaching $2,755.41. Analysts highlight geopolitical tensions in the Middle East and U.S. election unpredictability as key factors. Technical indicators show potential resistance at $2,756 and support at $2,730. Further bullish trends could target $2,800.
【Market Sentiment and Economic Background】
The market's expectations for aggressive Fed rate cuts have diminished, leading to a stronger dollar and rising Treasury yields. Despite these pressures, geopolitical risks and election uncertainties support gold as a hedge. The possibility of a Republican election victory is seen as beneficial for the dollar. Recently, Israel confirmed the death of a key Hezbollah figure, adding to geopolitical tensions.
【Analyst Opinions】
Analysts at Standard Chartered and other institutions expect gold prices to potentially rise further in the coming weeks, anticipating an average price of $2,800 in Q4 and $2,900 by Q1 2025. If Middle East tensions increase, prices could reach $3,000. Central bank policies and investor inflows into gold ETFs also support this bullish outlook.
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