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Gold prices rise driven by safe-haven demand despite stronger dollar
(MENAFN) Gold prices edged higher on Thursday, driven by safe-haven demand despite a stronger dollar. Spot gold increased by 0.3 percent to USD2,725.51 an ounce as of 0143 GMT, with prices reaching a record high of USD2,758.37 on Wednesday. The surge in demand for gold is largely attributed to the ongoing tensions in the Middle East and uncertainty surrounding the upcoming U.S. presidential election. U.S. gold futures also saw a 0.3 percent rise, climbing to USD2,738.50.
Palladium experienced a significant uptick, hitting its highest level in over a month. Investors are gravitating toward precious metals like gold and palladium as geopolitical and economic uncertainty continue to dominate the market. The demand for these metals remains strong as investors seek to mitigate risks.
On the oil front, Brent crude futures rose by 95 cents, or 1.27 percent, to USD75.91 a barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed by USD1, or 1.41 percent, to USD71.77 a barrel. These gains were fueled by supply concerns, particularly after heightened tensions between Israel and Hezbollah in Lebanon, which led to a heavy exchange of fire. These fears have pushed oil prices up around 4 percent this week, recovering from the previous week's losses of over 7 percent.
As the U.S. presidential election draws closer, tensions are rising between Republican candidate Donald Trump and Democratic candidate Kamala Harris. With less than two weeks until the November 5 vote, concerns over potential Middle East conflicts and U.S. political uncertainties are playing a major role in influencing both gold and oil markets.
Palladium experienced a significant uptick, hitting its highest level in over a month. Investors are gravitating toward precious metals like gold and palladium as geopolitical and economic uncertainty continue to dominate the market. The demand for these metals remains strong as investors seek to mitigate risks.
On the oil front, Brent crude futures rose by 95 cents, or 1.27 percent, to USD75.91 a barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed by USD1, or 1.41 percent, to USD71.77 a barrel. These gains were fueled by supply concerns, particularly after heightened tensions between Israel and Hezbollah in Lebanon, which led to a heavy exchange of fire. These fears have pushed oil prices up around 4 percent this week, recovering from the previous week's losses of over 7 percent.
As the U.S. presidential election draws closer, tensions are rising between Republican candidate Donald Trump and Democratic candidate Kamala Harris. With less than two weeks until the November 5 vote, concerns over potential Middle East conflicts and U.S. political uncertainties are playing a major role in influencing both gold and oil markets.
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