Gold is aiming for new records amid pre-election uncertainty

Gold is breaking records again, in anticipation of a tense presidential race in the United States. In 2024, this precious metal became one of the most successful assets, attracting investors as a «safe haven» in the face of global uncertainty.

Against the background of Donald Trump's statements about tariff increases, tax cuts and loosening regulations, the dollar strengthened, which created counter trends for gold.

Analysts predict an increase in volatility in the markets before the elections and advise using gold and oil as hedging tools. Experts also believe that Trump's trade policy could push up the dollar, as import tariffs could limit the outflow of currency abroad and stimulate inflation and interest rates.

Gold traditionally shows growth in conditions of inflation and geopolitical instability, but suffers with a strong dollar and high interest rates.

Currently, the spot price of gold rose 0.6% to $2,682 per ounce, approaching the record high of $2,685.58 set last month. Gold prices have increased by about 30% this year.