Gold prices once again reached a new all-time high, according to trading data on October 23. Spot gold rose 0.13% to a record $2,753 an ounce, while December futures rose 0.42% to $2,771 an ounce.
As noted by the Western media, the increase in the value of gold is taking place against the background of the strengthening of the dollar, which has reached a three-month high. This is due to investors’ expectations that the US Federal Reserve will reduce interest rates more slowly. Demand for gold is also rising due to growing interest in safe-haven assets ahead of the US presidential election.
An additional factor increasing the demand for gold is political instability in the Middle East. The conflict between Israel and Hamas, as well as tensions with Hezbollah, contributed to the growing interest in safe investments. Despite US diplomatic efforts, there are still no signs of de-escalation of the conflict, and Israel does not rule out the possibility of striking Iran.
Other precious metals showed mixed movements, with silver down 0.5% to $34.885 an ounce, while platinum rose 0.5% to $1,046.10 an ounce.
It will be recalled that in December 2023 the price of gold exceeded $2,100 per ounce for the first time, and analysts predicted the continuation of this trend at the level of more than $2,000 per ounce during 2024.
