Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Commodities»Gold price tops $2,700 for first time to extend record run
    Commodities

    Gold price tops $2,700 for first time to extend record run

    October 18, 20243 Mins Read


    Gold topped $2,700 an ounce for the first time as concerns over escalating conflicts in the Middle East and a tight US election race prompt investors to flock to safety.

    Bullion climbed as much as 1% to $2,720.17 an ounce, beating the all-time high set in the previous session. The bullish sentiment spilled over to the wider precious metals complex, with silver jumping as much as 5.5% to the highest since 2012. BlackRock Inc.’s iShares Silver Trust, the largest exchange-traded product tracking the metal, saw a large increase of call options as investors bet on higher prices. 

    Markets are focused on increasingly fraught geopolitical developments after Israel said it killed Hamas leader Yahya Sinwar, the architect of the Palestinian group’s attack on southern Israel that triggered a yearlong war in Gaza.

    Prime Minister Benjamin Netanyahu said Israel would keep fighting until all the hostages captured by Hamas last year are free, even as US President Joe Biden said it was time for the war to end. Investors typically seek safety in gold in times of geopolitical and economic uncertainty.

    Investors were also repositioning portfolios ahead of the US election on Nov. 5. 

    “Traditional polls and decentralized betting polls have diverged significantly, even as we get closer to elections,” said Christopher Wong, FX strategist at Oversea-Chinese Banking Corp. “Trump hedges — long gold — may still gather traction given the fluidity of election developments and geopolitical uncertainties.”

    Meanwhile, the Bloomberg Dollar Spot Index fell 0.2%, snapping a four-day rally. A weaker greenback makes bullion cheaper for many buyers, as it is priced in the US currency.

    Gold is about 2.4% higher for the week, with haven demand outweighing other macro headwinds that would normally weigh on the precious metal after US reports on Thursday diminished bets on the scale of Federal Reserve easing. 

    Bullion is one of 2024’s strongest performing commodities, with gains of more than 30% so far this year. Rate-cut optimism fueled the most recent gains as the Fed kicked off its easing cycle last month. Robust central bank buying has also been a long-standing pillar of support for gold prices.

    Read More: Gold Investors See Gains in Rate-Cut Era From ETFs, Haven Buying

    Western investors have also helped drive prices higher, after largely remaining on the sidelines in the first half of the year as Asian demand surged. The US central bank’s pivot to looser monetary policy has bolstered the appeal of exchange-traded funds backed by bullion, with holdings on course for a fifth monthly expansion in October — the longest run of inflows since 2020.

    For many in the industry, the outlook from here is even more bullish. Traders, refiners and miners who attended the London Bullion Market Association’s annual gathering this week saw prices rising to about $2,917 an ounce by late October 2025, according to the average forecast from a survey of delegates. Silver will gain more than 40% in the coming year to reach $45 an ounce, according to the survey.

    Spot gold was trading at $2,718.72 an ounce as of 2:36 p.m. in New York. Both palladium and platinum climbed.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Oil holds advance as traders focus on supplies and Fed fallout

    Commodities

    Towards an Agricultural Price Commission: Safeguarding Farmers’ Livelihoods

    Commodities

    This Week’s Japanese Game Releases: Metal Gear Solid Delta: Snake Eater, Lost Soul Aside, Super Robot Wars Y, more

    Commodities

    ‘Could fundamentally change how we power our world’

    Commodities

    Your energy drink habit may lead to debilitating nerve damage – and it takes far less than you’d think to reach a toxic overdose

    Commodities

    the nu-metal giants keep the hits rollin’ in

    Commodities
    Leave A Reply Cancel Reply

    Top Picks
    Commodities

    EN IMAGES – La brasserie HellCity ouvre ses portes, proche du site du Hellfest, festival de métal à Clisson

    Cryptocurrency

    Trump’s Crypto Summit: A New Era for Digital Currency

    Stock Market

    Apple, Meta, Samsung… Pourquoi l’assistant Perplexity suscite les convoitises des Big Tech

    Editors Picks

    Poly Property Group Co., Limited annonce des changements au sein de son conseil d’administration et de ses comités -Le 21 février 2025 à 09:38

    February 20, 2025

    Big breakthrough in property chain management revealed

    June 24, 2025

    Hochelaga-Maisonneuve | Un homme attaqué avec une barre de métal

    June 6, 2025

    Au cœur des enjeux | Agefi.com

    May 20, 2025
    What's Hot

    « Dès le XIXe siècle, l’agriculture est mondialisée » : l’analyse de l’historienne Corinne Marache

    June 14, 2025

    Ambitieux, ce festival de metal est de retour en Essonne avec 17 artistes 100 % français

    April 2, 2025

    How Amazon’s AI Investments are Affecting Its Stock Price

    May 11, 2025
    Our Picks

    New Cryptocurrency Releases, Listings, & Presales Today – SoSoValue, GoldToken, BNB Agents

    February 19, 2025

    Prediction: PepsiCo’s Dividend Yield Just Peaked at 4.4% Because the Dividend King Stock Is Too Cheap to Ignore

    May 15, 2025

    Emerging Fintech Technologies Transform Global Financial Services Landscape

    August 19, 2025
    Weekly Top

    Gold and Silver About to ‘Beeline’ to All-Time Highs, According to Fundstrat Analyst

    August 24, 2025

    Cryptocurrency Live News & Updates : Shiba Inu Price Faces Potential Volatility Ahead

    August 24, 2025

    Cryptocurrency: unlocking the digital vaults

    August 24, 2025
    Editor's Pick

    A Focus on Crypto Funding – La Voce di New York

    October 17, 2024

    RMC dévoile sa nouvelle radio musicale «RMC Gold »

    March 27, 2025

    Dillian Whyte retirement rumour spreads just days before Moses Itauma fight

    August 13, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.