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Gold hits fresh record high as US data, election race fan demand

30th October 2024

By: Bloomberg

  

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Gold reached a record high in early Asian trading on Wednesday, as traders digested the latest US economic data and weighed potential market disruption ahead of the looming presidential election.

Bullion edged higher to reach $2 774.89 an ounce, topping the previous record posted on Tuesday. Markets are weighing a report that showed US job openings fell to the lowest since early 2021.

The figures run counter to the September employment report that pointed to a still-strong labor market, which prompted traders to trim bets on another big rate cut by the Federal Reserve. Higher borrowing costs are typically negative for the precious metal.

Meanwhile, the tight US presidential election between Kamala Harris and Donald Trump is also creating uncertainty that’s underscoring bullion’s role as a place of safety for investors.

Spot gold was little changed at $2 773.24 an ounce as of 6:18 a.m. in Singapore.

Edited by Bloomberg

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