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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Gold is aiming for new records amid pre-election uncertainty

October, 17 2024
watermark Economic news

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.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.