Gold rallies to record with tight US election and data in focus
Gold climbed to a record ahead of US data prints due later Thursday, with traders also monitoring an increasingly tight presidential race that’s driven demand for haven assets.
Bullion climbed as much as 0.5% to hit $2 685.74 an ounce, topping last month’s peak by a few cents. The precious metal is up about 1% since the start of the week, with investors repositioning portfolios ahead of the US election that’s less than three weeks away. With both candidates posing different risks to the economy, gold will likely see further support — no matter whether Donald Trump or Kamala Harris win.
Traders are now shifting focus to incoming US retail sales and jobless figures for further clues on the pace of Federal Reserve easing this year. Initial unemployment claims likely remained elevated in the week ended October 12, while consumer spending probably grew moderately in September, according to Bloomberg Economics. Lower rates tend to benefit non-interest bearing bullion.
The precious metal — up 30% so far this year — is one of the strongest performing commodities in 2024. Rate-cut optimism has fueled the most recent gains as the Fed kicked off its easing cycle last month, though traders have in recent weeks pared expectations on the size and scope of this year’s rate cuts following mixed reports on the US economy. Strong central bank purchases and heightened geopolitical tensions have also supported gold.
Spot gold was 0.4% higher at $2,683.63 an ounce as of 7:49 a.m. in London. The Bloomberg Dollar Spot Index was flat, following three consecutive gains. Silver and palladium edged lower, platinum rose.
Comments
Research Reports
Projects
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
BOVA cemented their reputation in Africa by delivering high quality engineering through their range of safety footwear. 21 years after producing...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
