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Gold holds ground amid US election jitters and geopolitical risks
05-Nov-2024, 02:45
Gold futures held their ground above $2,750 in Tuesday's Asian session, with investors in wait-and-watch mode ahead of the US presidential election. The metal, recently reaching highs of $2,801.80, has gained on safe-haven demand fueled by election-driven uncertainty and lingering geopolitical tensions, especially amid reports of Iran-backed proxy threats to Israel. Speculation that a Trump victory could increase inflation through higher tariffs is also keeping gold in focus. The dollar index hovered near 103.7 as markets adjusted to a closer race than expected. Traders are now eyeing the Fed's Thursday policy update, with a quarter-point rate cut on the radar.
Gold futures held their ground above $2,750 in Tuesday's Asian session, with investors in wait-and-watch mode ahead of the US presidential election. The metal, recently reaching highs of $2,801.80, has gained on safe-haven demand fueled by election-driven uncertainty and lingering geopolitical tensions, especially amid reports of Iran-backed proxy threats to Israel. Speculation that a Trump victory could increase inflation through higher tariffs is also keeping gold in focus. The dollar index hovered near 103.7 as markets adjusted to a closer race than expected. Traders are now eyeing the Fed's Thursday policy update, with a quarter-point rate cut on the radar.
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