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Indonesia News Portal for Traders | Financial & Business Updates

22 October 2024 17:17  |

Safe-haven demand secures gold near all-time highs

Gold climbed on Tuesday, trading not too far away from the record peak it hit in the last session, as concerns over rising geopolitical tensions, U.S. election uncertainties and prospects of central banks lowering interest rates boosted demand.

Spot gold rose 0.5% to $2,733.15 per ounce by 0936 GMT and U.S. gold futures gained 0.3% to $2,747.60.

Bullion, considered a hedge against geopolitical and economic uncertainties, hit an all-time high of $2,740.37 on Monday. The non-yielding asset has gained more than 32% so far this year.

From the technical point of view, the Relative Strength Index (RSI), currently at 74, suggests that gold prices moved into "overbought" territory. An RSI above 70 indicates a commodity is overbought. TECH/

Spot silver rose 1.3% to $34.19 per ounce after hitting its highest since late-2012 in the last session.

Source: Reuters

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