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

AInvestThursday, Oct 17, 2024 8:00 am ET
1min read
【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.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.