GOLD
Gold prices rose in early Tuesday trading, hovering just below the all-time high reached in the previous session. Throughout 2024, demand for the precious metal has surged, fuelled by expectations of central bank rate cuts that make non-yielding gold more attractive to investors. Large central bank purchases and haven demand, driven by geopolitical instability, particularly in the Middle East, have also supported price gains. More recently, the approaching US presidential election has added to the upward momentum, as uncertainty over the outcome drives investors toward the security of gold. Against this backdrop, and despite the recent substantial gains, there could still be room for further upside. Geopolitical instability and uncertainty surrounding the US presidential election are expected to remain key drivers of demand for gold in the coming weeks. These factors may continue to push investors toward the haven asset, supporting its price momentum.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
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