Safe-haven gold hits record high on global uncertainties
Gold prices surged to a record high on Wednesday, as conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets.
Spot gold was trading at $2,754.25 per ounce as of 0748 GMT, after hitting an all-time high of $2,755.30 earlier in the session.
U.S. gold futures were up 0.3% at $2,768.40.
"Both presidential candidates are proposing inflationary policies, which will be very supportive for gold. While some of this is priced in, it will also provide ongoing support for higher prices," Michael Langford, chief investment officer at Scorpion Minerals, said.
Bullion is considered a hedge against economic and geopolitical uncertainties.
Democratic U.S. Vice President Kamala Harris held a marginal 46% to 43% lead over Republican former President Donald Trump, a new Reuters/Ipsos poll found.
In the Middle East, Israel confirmed it had killed Hashem Safieddine, the heir apparent to late Hezbollah leader Hassan Nasrallah who was killed last month.
Spot silver fell 0.4% to $34.68 per ounce, after hitting its highest since late 2012 at $34.87 in the previous session.
Source: Reuters
