Gold Prices Soar to Record Highs as US Rate Cut Bets and Election Jitters Drive Demand
Gold prices hit record highs on Friday, driven by US rate cut bets and election uncertainty.
Rate Cut Expectations Boost Gold Prices
US rate cut expectations fueled gold’s rally.
Election Jitters Fuel Safe-Haven Demand
Gold’s safe-haven status attracted investors amid election uncertainty.
Key Market Data:
- Gold prices rose 2.1% to $2,734.10 an ounce
- Gold futures expiring in December rose 2.3% to $2,744.20 an ounce
- US 10-year bond yields fell 3.2% to 1.59%
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Additional Sections:
Market Outlook:
- US rate cut bets and election jitters signal a bullish market outlook for gold.
- Traders should consider long-term trading strategies.
Trading Strategy:
- Consider buying gold futures on dips.
- Monitor silver and crude oil prices for potential buy opportunities.