Key Points:
Gold’s rally persisted despite the U.S. dollar holding steady at a two-month high.
Both gold and the dollar are benefiting from safe-haven flows as traders weigh the risks of the upcoming U.S. election and ongoing conflicts in the Middle East.
A recent Reuters/Ipsos poll showed U.S. Vice President Kamala Harris leading Republican Donald Trump by 46% to 43%.
Meanwhile, Israel confirmed the death of Hashem Safieddine, heir to Hezbollah’s late leader Hassan Nasrallah, adding further tension to the region.
Picture: Gold climbs to 2750.28 as Middles East tensions and inflation concerns fuel safe-haven demand, as seen on the VT Markets app.
Gold (XAUUSD) closed at 2750.28, reflecting a slight upward trend of 0.07%. The session’s high was 2750.67, while the low was 2737.96.
The price has been on a steady incline since hitting a bottom near 2714.25. Moving averages (5, 10, 30-period) are showing a bullish alignment, as the price is consistently trading above these averages.
The MACD (12, 26, 9) shows an upward momentum building as the MACD line crosses above the signal line with increasing positive histogram bars, suggesting potential further upside movement.
Gold has risen more than 33% this year, breaking multiple records, driven by global uncertainties and a looser monetary policy.
See also: Gold Rises on Safe-Haven Demands and Rate Cuts
While the Federal Reserve initiated a rate-easing cycle with a 50-basis-point cut last month, the odds of a similar move in November have diminished, with traders now seeing a 92% chance of a quarter-basis-point cut.
Spot silver fell 0.7% to $34.58 per ounce, having hit its highest level since 2012 at $34.87 in the previous session. Platinum rose 0.5% to $1,033.75, while palladium edged down 0.2% to $1,073.80.
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