Price of gold reaches all-time high, exceeding USD2,770 per ounce
Date
10/30/2024 5:40:40 AM
(MENAFN) On Tuesday, the price of Gold reached an all-time high, exceeding USD2,770 per ounce for the first time in history, driven largely by uncertainties surrounding the upcoming US elections scheduled for November 5. The price peaked at USD2,771.73 before stabilizing at around USD2,766 by 3:15 PM GMT. This unprecedented surge highlights the metal's reputation as a safe haven amid growing geopolitical risks.
Starting the year at USD2,065 per ounce, gold has experienced a remarkable increase of approximately 34 percent since January, marking its best performance in the past 45 years. This impressive growth trajectory is primarily attributed to rising geopolitical tensions in the Middle East, coupled with a gradual shift away from previously tight monetary policies.
Investors are increasingly flocking to gold as a protective measure against economic uncertainty and market volatility. The latest surge in gold prices underscores its enduring appeal as a reliable asset during turbulent times, with many viewing it as a hedge against potential financial fluctuations and risks.
As the US elections approach, market participants will likely continue to monitor political developments closely, which could further influence gold prices. The current dynamics reflect a broader trend in which investors are seeking stability and security, further cementing gold's status as a go-to asset in uncertain times.
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