Gold climbed past $2,750 per ounce on Wednesday, setting a new record, bolstered by its status as a safe-haven amid elevated geopolitical risks and wider macroeconomic uncertainties.
Gold still high amid geopolitical tensions
Markets continued to monitor diplomatic efforts in the Middle East, with investors still fearing a broader conflict in the region as Israel continues its attacks on Gaza and Lebanon. The approaching US election further boosted demand for safe-haven assets, as both presidential candidates remain in a tight race.
High demand for gold
Additionally, the bolstering demand was amplified by monetary easing from major central banks, following the recent reductions in key lending rates by the PBoC and ECB. Meanwhile, expectations for aggressive rate hikes from the Federal Reserve have diminished following a series of positive economic data.
