Gold Surges Past $2,700 as Fears Grow

18 Oct 2024 , 10:58 AM

On Friday, gold crossed the $2,700-per-ounce threshold for the first time, as U.S. election concerns and simmering Middle East tensions increased safe-haven demand, while a looser monetary policy environment fuelled the advance.

Spot gold rose 0.6% to $2,709.28 per ounce, up 2% this week. U.S. gold futures increased 0.6% to $2,724.50.

Following the assassination of Hamas leader Yahya Sinwar, Hezbollah has threatened to intensify the conflict with Israel.

Meanwhile, with less than three weeks until the presidential election in the United States, Democratic Vice President Kamala Harris and Republican former President Donald Trump are vying for every single vote.

US economic data reported overnight indicated a growing economy, which lifted the US dollar. However, traders still expect a 90% possibility of a Federal Reserve rate cut in November. The European Central Bank lowered interest rates for the third time this year as the eurozone economy slowed.

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