Gold price remains near YTD peak, approaches $2,800
Gold price soared to a record high of $2,790 during the North American session, as investors remain uncertain about the outcome of the US Presidential Elections. Upbeat economic data in the US put a lid on the precious metal advance, as the economy grew steadily while the jobs market remained robust.
The XAU/USD trades at $2,785, gains over 0.40%, and is slightly below the all-time high (ATH) after the yellow metal bounced off daily lows of $2,771. US Treasury bond yields disappointed during the session as investors' confidence improved that the Fed would achieve its soft-landing scenario.
Data from the United States (US) showed the economy continued to grow steadily while the labor market remained robust. The Gross Domestic Product (GDP) for the third quarter of 2024 dipped below estimates. The ADP Employment Change report for October showed that private companies hired more personnel than foreseen.
At the same time, US Pending Home Sales soared due to buyers taking advantage of the combination of lower mortgage rates and more inventory choices, commented Lawrence Yun, Chief Economist of the National Association of Realtors (NAR).
The US election is reaching its boiling point as we approach November 5, Super Tuesday. The Democratic Vice-President Kamala Harris and former President Donald Trump clash in a tight race, as polls showed.
So far, Bullion’s price has surged over 35%, its most significant gain in twelve months, and is on its way to its best yearly performance since 1979. Sources cited by Reuters commented that Gold may reach $3,000 by 2025 due to “emerging market concerns, gold ETF inflows, and post-election market adjustments.”
Gold remains supported by safe-haven flows amid the ongoing conflict in the Middle East, even though Israeli officials commented that Hezbollah is ready to distance itself from Hamas in Gaza, and the IDF is close to finishing its ground operations.
Source : Fxstreet
