Gold Reaches Record High Amid US Election Uncertainty

Gold surged to a record $2,775.47 per ounce in Asian trading as investors weighed U.S. economic data and the impact of the upcoming presidential election. At the time of writing, The metal’s upward momentum reflects ongoing concerns over economic stability and Federal Reserve policies, especially after reports of a slowdown in U.S. job openings and steady labor market resilience. This data has reduced speculation about a major Fed rate cut, as the central bank’s next meeting on November 7 approaches. Analysts anticipate that more economic indicators this week, including inflation and payroll data, could provide further clues on potential Fed rate moves. Adding to gold’s appeal are broader geopolitical uncertainties, including tensions in the Middle East and Ukraine, along with the tight U.S. election race, which continues to drive safe-haven demand for the precious metal.

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