He continues to benefit from the demand for safe shelters, as he reaches another record ahead of next week. The gold spot price increased to $2,766.52 per ounce, dropping the previous high observed last week, while the U.S. election approaches. The price of gold has now risen by one third so far this year. Research conducted by Goldman Sachs reported that gold could reach the $2,900 threshold in early 2025, while several analysts in Newsweek had previously stated that the $3,000 milestone is not far away. Gold is considered an investment of safe refuge, particularly in times of international unrest, such as Russia’s ongoing invasion of Ukraine, the Israel-Hamas war and political uncertainty, with the US presidential elections being less than a week away. According to a Reuters report, gold prices have ejected more than 34% in 2024 so far. Democratic candidate, Vice President Kamala Harris, and Republican candidate, former president Donald Trump, enter the final line of their campaigns for the White House, with the election held on November 5. Recent polls show that victory could be marginal for either candidate, with several key states currently being too close to ruling.
Gold: U.S. election sends honors to heights – Close to $2,800 Again
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