Gold prices soar amid election uncertainty, rising national debt
Date
11/3/2024 4:33:28 AM
(MENAFN) Gold prices hit record highs this week amid uncertainty over the upcoming election and the increasing United States national debt. Year-to-date, gold futures have surged over 32 percent and at least 38 percent in the last year, setting multiple all-time records.
On Monday, Gold peaked at USD2,738 and reached USD2,760 on Tuesday, before setting at USD2,749 on Thursday after some retracement.
Investors are turning to gold as a safe haven amid various geopolitical threats, including ongoing wars in the Middle East and Ukraine. Additionally, uncertainty about US economic policy post-election, the Federal Reserve’s rate-cutting plans, and the long-term implications of rising national debt have further fueled gold investments.
"What we're really seeing is gold continuing to be viewed as a quintessential hedge against inflationary pressures along with the safe-haven demand and fund inflows, gold continues to be extremely well supported," stated the chief of metals trading at High Ridge Futures, David Megar.
"Uncertainty leading into the U.S. election is one additional pillar of support for the gold market, given the unease that the market may be feeling going into the election," ANZ stated, adding "Concerns around the rising U.S. fiscal debt outlook is strengthening the investment case for gold."
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