Sharjah24 - Reuters: Gold prices rose to a record high on Wednesday as uncertainty over the U.S. presidential election boosted safe-haven demand, with traders also awaiting economic data for cues on the Federal Reserve's policy path.
Spot gold rose 0.1% to $2,777.00 per ounce by 9:55 a.m. ET (1355 GMT), after reaching an all-time high of $2,789.73 earlier in the session. U.S. gold futures gained 0.3% to $2,789.20.
"We have elections coming up, the political climate here is just very uncertain, the Fed is cutting interest rates, prospects of Russia, Ukraine," said Daniel Pavilonis, senior market strategist at RJO Futures.
"There's just so much out there to push gold higher, and all the negative news out there is what gold is really looking for. The next step higher is probably $2,850," Pavilonis said.
The U.S. Presidential election season is reaching its climax on Nov. 5, with tight polling between Republican former President Donald Trump and Democratic Vice President Kamala Harris.
Gold, traditionally a hedge during geopolitical instability, has surged 35% this year, on course for its best annual performance since 1979. Low interest rates have further supported the rally.
For an optimal experience, please
