Gold price today: Up 31% year to date, safe-haven demand pushes gold above $2,700 amid tensions over U.S. election

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Gold prices broke through the $2,700 mark for the first time on Friday, extending gains driven by expectations of further easing of monetary policy and safe-haven demand amid uncertainty over the U.S. presidential election and conflicts in the Middle East.

Spot gold was up 0.6% at $2,709.81 an ounce as of 1145 GMT, having hit a record high of $2,714.00 earlier in the session. Gold prices have risen more than 2% so far this week. U.S. gold futures rose 0.7% to $2,725.

“Markets continue to focus on geopolitics, with overnight developments in the Middle East continuing to fan uncertainty,” StoneX analyst Rhona O’Connell said.

Lebanon’s Hezbollah militant group said on Friday the war against Israel was entering a new escalatory phase, while Israeli Prime Minister Benjamin Netanyahu vowed late Thursday to press ahead with the war in Lebanon and Gaza.

Rising geopolitical tensions have prompted investors to seek safe-haven assets such as gold, driven by risk aversion and concerns about instability in global markets.

“It’s not surprising that gold broke new highs during the Asian session and moved above the psychologically important $2,700 level as speculative interest appears to be coming from the region,” said independent analyst Ross Norman.

“Gold is benefiting from some very high-conviction trades that not only ignore key factors like falling inflation and Treasury yields, but it has barely paused to consolidate, let alone take profits.” [US/]

Gold prices have soared more than 31% this year, driven by expectations of further easing from major central banks such as the Federal Reserve and geopolitical tensions.

In the physical market, Indian dealers were forced to offer discounts this week as record high prices dampened demand ahead of key holidays. [GOL/AS]

“Technically, if gold prices continue to move higher, they may encounter resistance near $2,750 an ounce, which is the upper limit of the uptrend channel we have seen since late July.” Sports Money.

Spot silver rose 1.2% to $32.08, posting a weekly gain. Platinum rose 1.5% to $1,007.25 and palladium rose 1.5% to $1,057.82.

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