Published on 10/18/2024 at 10:01 a.m.
(Boursier.com) — New outbreak of fever on gold: the ounce reached a historic record at 2,711.99 dollars on Friday, beating the highs of the day before and once again benefiting from its status as a safe haven. Israel announced that it had killed Hamas leader Yahya Sinwar, considered the “mastermind” of the Hamas attack on October 7, 2023, raising fears of a risk of escalation in the Middle East.
Investors are therefore seeking security by purchasing the precious metal, while geopolitical and economic uncertainties weigh heavily. Markets have also followed a series of mixed US economic figures in recent days, reinforcing hopes that the Fed will continue its rate-cutting policy for the rest of the year.
Support
Gold rose almost 2% over the week, as investors take stock of their portfolios ahead of the US elections on November 5. The two candidates pose different risks to the economy, and observers say gold will likely get an extra boost after the vote, whether Donald Trump or Vice President Kamala Harris wins.
Gold has surged more than 30% this year, making it one of the best-performing commodities. It has recently benefited from the optimism around the reduction in central bank rates, whether the Fed, the ECB or the establishments of many countries. Significant purchases by these central banks also supported prices.
