The uncertainty in the economy and geopolitics is driving up the price of gold. COMEX gold futures broke above $2800 per ounce, rising 0.7% intraday. Spot gold broke its previous high again, currently trading at $2787.30
Before the US election, the market's demand for safe-haven assets increased. The economic and geopolitical uncertainties have impacted the stock market while driving up the price of gold.
On Wednesday (October 30th), most Asia-Pacific stock markets fell, with the Seoul Composite Index in South Korea dropping nearly 1% and the Nikkei 225 Index in Japan closing up 1%. Major European stock index futures declined, with the Euro Stoxx 50 Index falling by 0.4%. During the European earnings season, Volkswagen's Q3 operating profit plummeted by 42%. UBS and Standard Chartered Bank's performance exceeded expectations.
COMEX gold futures broke above the $2800 mark, with spot gold hitting a new high, approaching $2790 per ounce. International oil prices rose, with WTI crude oil up by 0.7%.
Tonight, US GDP data will be released, and traders are also awaiting inflation and non-farm payroll data later this week to look for clues on a potential Fed rate cut.
[15:10 Update]
COMEX gold futures broke above $2800 per ounce, rising by 0.7% intraday.
In early Asia-Pacific trading today, spot gold reached $2774.89, continuing to hit historic highs due to economic and geopolitical uncertainties. Currently, spot gold has broken the previous high again, temporarily trading at $2787.30.
Goldman Sachs predicts that gold prices will rise to levels higher than previously expected, largely due to the significant increase in gold purchases by central banks (especially emerging market central banks). In addition, Goldman Sachs expects that by December 2025, the price of gold is likely to reach $3000 per ounce.
International oil prices rose, with WTI crude oil up by 0.7%.
Most Asia-Pacific stock markets fell, with the Seoul Composite Index in South Korea dropping nearly 1%, and stock indices in Vietnam and India slightly declining, while the Nikkei 225 Index in Japan closed up 1%.
Major European stock index futures declined, with the Euro Stoxx 50 Index falling by 0.4%.
