MINING REFINING

Global Uncertainties Push Gold to New Record Highs

Thu Oct 24 2024

Amid global uncertainties, gold continues to push higher. The precious metal is already up over 30% for the year as it eyes the $2,800 per ounce price marker as the next goal.

The combination of tensions in certain parts of the globe along with a forthcoming U.S. election is pushing investors into the yellow metal as a safe haven asset. It’s already outpacing the S&P 500’s 23% YTD gain, and more upside could be ahead.

“This month’s rally is more driven by safe-haven demand because of geopolitical tension in the Middle East and uncertainty around the U.S. election because its outcome is looking very tight, anyone can win,” said Soni Kumari, a commodity strategist at ANZ.

“The simple bottom line is that gold thrives on uncertainty,” said Rhona O’Connell, head of market analysis for EMEA and Asia at StoneX. “The lack of clarity over the medium-term direction of US foreign policy is adding to nervousness.”

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Source: https://etfdb.com/