Gold Extends Record High Amid Global Uncertainties

Gold prices have seen a notable increase as investors turn to precious metals for their safe-haven qualities amidst global uncertainties. On Thursday, spot gold prices climbed 0.7% to reach $2,735.36 per ounce, mirroring a small rise in U.S. gold futures to $2,748.80.

This surge is attributed to the ongoing geopolitical tensions in the Middle East and the looming uncertainty of the upcoming U.S. presidential elections scheduled for November 5. These factors increase gold’s appeal as a stable investment during times of volatility.

Analysts are optimistic about the future trajectory of gold prices, forecasting significant rises. Sugandha Sachdeva from SS WealthStreet predicts that gold could reach as high as $2,800 by the end of 2024, with the potential to exceed $3,000 in 2025. 

Similarly, Suki Cooper of Standard Chartered projects that gold prices will average around $2,800 per ounce in the last quarter of 2024 and increase to an average of $2,900 in the first quarter of 2025. This year alone, gold has already increased over 30% in value, spurred by expectations that the Federal Reserve will continue to lower interest rates.

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