AInvest Newsletter
Daily stocks & crypto headlines, free to your inbox
Gold Daily | Spot Gold Rises on Safe-Haven Demand Amid US Election and Middle East Tensions
Generated by AI AgentAinvest Market Brief
Thursday, Oct 24, 2024 8:00 am ET1min read
【Latest Gold Price and Recent Trends】
Spot gold rose 0.7% to about $2735, slightly below the record $2758.37. Rising due to safe-haven demand amid US election uncertainty and Middle East tensions, while a strong dollar limits further potential gains.
【Technical Analysis】
Gold finds support around $2708, advancing towards a key pivot at $2735. Resistance is at $2739, $2747, and $2752, with support at $2727 and $2720. Maintaining above $2733 might extend the bullish trend.
【Market Sentiment and Economic Background】
The dollar's strength, driven by US Treasury yields at a three-month high, challenges gold's ascent. The upcoming US election and ongoing Middle East conflict sustain gold's safe-haven appeal. Investors are assessing the Fed's rate path, with expectations of a cautious easing approach.
【Analyst Opinions】
Sugandha Sachdeva forecasts gold may reach $2800 in 2024, driven by geopolitical risks and central bank buying. Giovanni Staunovo cautions potential sanctions on Russian palladium may tighten supplies, impacting prices. Concerns over Trump's potential re-election and its economic implications weigh on market sentiment.
Spot gold rose 0.7% to about $2735, slightly below the record $2758.37. Rising due to safe-haven demand amid US election uncertainty and Middle East tensions, while a strong dollar limits further potential gains.
【Technical Analysis】
Gold finds support around $2708, advancing towards a key pivot at $2735. Resistance is at $2739, $2747, and $2752, with support at $2727 and $2720. Maintaining above $2733 might extend the bullish trend.
【Market Sentiment and Economic Background】
The dollar's strength, driven by US Treasury yields at a three-month high, challenges gold's ascent. The upcoming US election and ongoing Middle East conflict sustain gold's safe-haven appeal. Investors are assessing the Fed's rate path, with expectations of a cautious easing approach.
【Analyst Opinions】
Sugandha Sachdeva forecasts gold may reach $2800 in 2024, driven by geopolitical risks and central bank buying. Giovanni Staunovo cautions potential sanctions on Russian palladium may tighten supplies, impacting prices. Concerns over Trump's potential re-election and its economic implications weigh on market sentiment.
Ainvest Market Brief
Market Watch column provides a thorough analysis of stock market fluctuations and expert ratings.
Latest Articles
Morning Market Pulse: Trump Housing Overhaul & AI Surge Drive Pre-Market Moves
Dec.22 2025
Morning Market Pulse: Trump’s Federal Pay Raise & Japan’s Policy Shift Drive Pre-Market Moves
Dec.19 2025
What to Trade Today: Volatility and Inflows Drive Pre-Market Moves
Dec.19 2025
U.S. Corporate Actions | Ticker Changes and Dividend Announcements Highlight Activity
Dec.19 2025
Morning Market Pulse: Trump’s Marijuana Rescheduling and AI Policy Shifts
Dec.18 2025
Ainvest News articles are AI-generated using advanced large language model (LLM) technology designed to analyze and synthesize publicly available data and news. While AI tools assist in producing initial drafts and insights, all AI generated content published on Ainvest is subject to comprehensive human editorial review before publication. A designated human editor reviews, verifies, and approves each article for factual accuracy, coherence, and compliance with AInvest Fintech Inc’s editorial and disclosure standards.
Despite these review procedures, the information provided may still contain inaccuracies, incomplete data, or time sensitive references due to the inherent limitations of AI generated analysis and evolving changes. The material is provided strictly for informational and educational purposes and does not constitute personalized investment, legal, or financial advice. Readers should independently verify all facts, figures, and statements before making any decision based on this content.
AInvest Fintech Inc. its affiliates, and partners accept no liability or responsibility for any direct or consequential losses arising from reliance on this content. All articles and analyses are subject to revision, update, or removal without prior notice to maintain accuracy and integrity in our publications.
Comments
No comments yet