China Keeps Benchmark Lending Rates Steady as Economic Outlook Remains Cautious 
Oil Prices Ease in Asia as Geopolitical Risks Clash With Weak Demand Outlook 
U.S. Stocks End Week Higher as Tech Rally Offsets Consumer Weakness 
EU Delays Mercosur Free Trade Agreement Signing Amid Ukraine War Funding Talks 
Why U.S. Coffee Prices Are Staying High Despite Trump’s Tariff Rollbacks 
U.S. Dollar Slips as Yen Finds Support on Intervention Signals and Geopolitical Risks Rise 
Global Demand for Yuan Loans and Bonds Surges as China Pushes Currency Internationalization 
Russia Stocks End Flat as Energy Shares Support MOEX Index 
Wall Street Ends Higher as S&P 500, Nasdaq Extend Gains Ahead of Holiday Week 
Yen Stabilizes Near Lows as Japan Signals Readiness to Intervene Amid Dollar Weakness 
South Korea Central Bank Warns of Rising Financial Stability Risks Amid Won Volatility 
Global Markets Rise as Tech Stocks Lead, Yen Strengthens, and Commodities Hit Record Highs 
IMF Reaches Staff-Level Agreement With Egypt, Opening Path to $3.8 Billion in Funding 
Asian Stocks Rise as Wall Street Tech Rally Lifts Markets, Yen Slumps Despite BOJ Rate Hike 
Trump Defends Economic Record in North Carolina as Midterm Election Pressure Mounts 
EU Approves €90 Billion Ukraine Aid as Frozen Russian Asset Plan Stalls 
Kevin Hassett Says Inflation Is Below Target, Backs Trump’s Call for Rate Cuts 
Record Gold Prices Driven by Safe Haven Demand
Gold prices surged to $2,705.26 per ounce in Asian trading on Friday, benefiting from increased safe-haven demand as the highly contested U.S. presidential election approaches. Spot gold rose by 0.4%, while December futures increased by 0.5%, reaching $2,720.15 an ounce.
U.S. Election Dynamics Impacting Gold
As the election draws near, polls indicate a tight race between Vice President Kamala Harris and former President Donald Trump. This electoral uncertainty has prompted investors to flock to gold as a safe asset. Recent surveys suggest Harris holds a slight lead, yet prediction markets favor a Trump victory, escalating anxiety over the election's outcome.
ECB Rate Cut Supports Gold Prices
Gold's ascent is also attributed to a 25 basis point rate cut by the European Central Bank (ECB). This monetary easing signals that global central banks remain in a rate-cutting mode, likely boosting demand for non-yielding assets like gold.
Despite a stronger U.S. dollar, which reached a two-and-a-half-month high, gold maintained its value. Strong retail sales and job data suggest that the Federal Reserve may slow its rate cuts. As tensions in the Middle East rise, with Israel preparing for retaliation against Iran, safe-haven demand for gold remains robust.
Conclusion
The combination of U.S. election uncertainty, ECB monetary policy shifts, and geopolitical tensions continues to drive gold prices to record highs, showcasing the metal's role as a hedge against market volatility.
