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Gold is aiming for new records amid pre-election uncertainty


October, 17 2024
watermark Economic news

Gold is breaking records again, in anticipation of a tense presidential race in the United States. In 2024, this precious metal became one of the most successful assets, attracting investors as a «safe haven» in the face of global uncertainty.


Against the background of Donald Trump's statements about tariff increases, tax cuts and loosening regulations, the dollar strengthened, which created counter trends for gold.


Analysts predict an increase in volatility in the markets before the elections and advise using gold and oil as hedging tools. Experts also believe that Trump's trade policy could push up the dollar, as import tariffs could limit the outflow of currency abroad and stimulate inflation and interest rates.


Gold traditionally shows growth in conditions of inflation and geopolitical instability, but suffers with a strong dollar and high interest rates.


Currently, the spot price of gold rose 0.6% to $2,682 per ounce, approaching the record high of $2,685.58 set last month. Gold prices have increased by about 30% this year.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.