Gold Prices Rise After Sharp Drop
Gold rose above $2,720 an ounce on Thursday (24/10) in a possible technical rebound, after retreating from a record high with a more than 1% drop in the previous session. The decline was driven by a stronger U.S. dollar and rising Treasury yields, amid growing expectations that the Federal Reserve will take a cautious approach to monetary easing.
However, gold's rise remained supported by its safe-haven status amid ongoing geopolitical tensions in the Middle East, with investors worried about the potential for a wider conflict due to the ongoing exchange of heavy fire. In addition, uncertainty surrounding the upcoming U.S. presidential election and monetary easing from major central banks provided further support.
Source: Trading Economics