Gold surged to a record on Monday as high as 0.3% and $2,729.30 per ounce, breaking a record since 2012. This resulted in adding a layer of cost in silver too.
Reuters stated that Spot gold was up 1% at $2,720.05 one ounce of 9:57 a.m. in Singapore and has risen 2.4% this week. Moreover, U.S. gold futures settled 0.8% higher to $2,730.
Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany also said that in the conflict between Israel and Iran, after the Hezbollah drone exploded, investors tried to invest in gold. It is popular as a traditional safe asset.
According to a Bloomberg report, “Gold futures may rise to average $3,000 an ounce in the fourth quarter of 2025, Commonwealth Bank of Australia analyst Vivek Dhar said in a note on Monday. The Federal Reserve’s rate-cutting cycle would likely drive weakness in the US dollar, he added. A lower greenback makes bullion cheaper for many buyers, as it’s priced in the US currency.”
The rise in bullion follows tensions in the Middle East and uncertainties of the US election on November 5. Traders try to safely invest in gold to prevent geopolitical and economic risks which are rising in the polls between the contest Donald Trump and Kamala Harris.
Furthermore, the Bloomberg Dollar Spot Index shows the decline of the US dollar and a 30% increment in the bullion making it the strongest commodity in 2024. Silver, palladium, and platinum all rose this week.
Thanks for choosing to leave a comment. Please keep in mind that all comments are moderated according to our comment Policy.