INSUBCONTINENT EXCLUSIVE:
Gold prices reached a new record high on Thursday, October 17, surpassing $2,700 per troy ounce.The surge in prices stems from increased
demand for safe-haven assets due to uncertainties surrounding the upcoming US elections and ongoing conflicts in the Middle East.On the
Comex division of the New York Mercantile Exchange (Nymex), gold futures for December delivery closed 0.60% higher at $2,707.5 per troy
This upward trend in gold prices continues to gain momentum as investors seek stability in uncertain times.Carsten Menke, head of
next-generation research at Julius Baer Bank, explains that the prospect of lower interest rates in the United States may attract more
safe-haven seekers.He also notes that the US presidential elections are driving gold purchases by large investors
These investors believe that the dollar will face pressure due to increasing fiscal deficits.Gold Hits Record $2,707 as US Election and
Middle East Tensions Loom
(Photo Internet reproduction)They hold this view regardless of who occupies the White House
This sentiment further fuels the demand for gold as a hedge against potential economic instability.The European Central Bank (ECB) has also
cut interest rates for the third time this year by 0.25 percentage points
This decision reflects concerns about the eurozone economy and adds to the overall economic uncertainty.Additionally, expectations are
growing for stronger gold demand in China
Menke suggests that the economic outlook in China is unlikely to improve significantly despite recent support measures.This situation may
attract more safe-haven seekers in China back to the gold market
uncertainty.As global tensions persist and economic challenges loom, gold continues to shine as a preferred investment for those seeking
