GOLD BREAKS RECORDS AS INVESTORS SEEK REFUGE FROM GLOBAL UNCERTAINTY

Published on Oct 21, 2024 14:08

Gold prices soared to record levels in Asia`s electronic markets, reaching $2,748 per ounce. This surge is largely driven by heightened demand for safe-haven assets as tensions escalate in the Middle East, particularly after Hezbollah`s announcement of an intensified conflict with Israel and recent Israeli strikes in Beirut. Additionally, the uncertainty surrounding the upcoming U.S. presidential elections is boosting gold`s appeal. Looser monetary policies from major central banks, including recent rate cuts by the People`s Bank of China and the European Central Bank, are also supporting gold prices. However, strong U.S. economic data has raised expectations for a more hawkish stance from the Federal Reserve. Meanwhile, MCX December gold futures climbed over ₹500, hitting intraday highs of ₹78,250 per 10 grams.