GOLD prices surged to a record high on Wednesday (Oct 23) as the conflicts in the Middle East and uncertainty surrounding the upcoming US election spurred demand for safe-haven assets.
Spot gold was little changed at US$2,746.25 per ounce, as at 23:45 GMT, after hitting its highest level at 2749.07 earlier in the session.
US gold futures were 0.1 per cent higher to US$2,761.4.
Democratic US Vice-President Kamala Harris held a marginal 46 to 43 per cent lead over Republican former President Donald Trump, a new Reuters/Ipsos poll found.
Israel on Tuesday confirmed it had killed Hashem Safieddine, the apparent heir to Hezbollah leader Hassan Nasrallah, who was previously killed in an Israeli attack targeting the Iran-backed Lebanese militant group.
Bullion is considered a hedge against geopolitical and economic uncertainties and it has gained over 33 per cent this year, scaling multiple records.
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Elsewhere, the odds that the US Federal Reserve will deliver a quarter-point cut at its Nov 7 meeting are at 91.5 per cent, according to CME’s FedWatch tool.
Meanwhile, the US economy will continue to provide most of the thrust for global growth through the balance of this year and in 2025, the International Monetary Fund said on Tuesday.
Spot silver fell 0.3 per cent to US$34.71 per ounce, after hitting its highest level since late 2012 at US$34.87 in the previous session.
Platinum rose 0.1 per cent at US$1,030 and palladium gained 0.4 per cent to US$1,079.75.
Elsewhere, China’s latest stimulus measures will not meaningfully boost domestic demand, leaving a major source of trade friction intact, the US Treasury Secretary and International Monetary Fund chief economist Pierre-Olivier Gourinchas said. China is a key metals consumer. REUTERS
