ALBAWABA – Gold recorded $2,700 an ounce for the first time today amid the upcoming US presidential elections and the ongoing conflict in the Middle East.
Gold hits $2,700
Gold increased by 0.5% to $2,706.76 an ounce on today, while US gold futures rose by 0.5% at $2,722.00. Experts anticipate a 90% chance that the Federal Reserve will cut interest rates next November.
Gold increased by 0.5% to $2,706.76 an ounce on today, while US gold futures rose by 0.5% at $2,722.00. (Shutterstock)
According to BMI analysts, Gold is expected to trade between $2,500 and $2,800 in the coming few months, supported by the interest rate cuts from the US Federal Reserve and ongoing tensions in the Middle East.
Ongoing conflict in the Middle East and the region
It is worth noting that Lebanon's Hezbollah group announced it will escalate its conflict with Israel following the recent assassination of Yahya Sinwar, the Palestinian militant and politician who served as the de facto leader of Hamas.
Additionally, the upcoming US presidential elections are just three weeks away, with Democratic Vice President Kamala Harris and former Republican President Donald Trump vying for voter support.
Other metals
On the other hand, silver recorded a boost of 0.5% to $31.92 an ounce, while platinum rose by 0.5% to $996.85, and palladium increased by 0.7% to $1,049.25.
