Gold prices rise, record highs close amid election, rate uncertainty

Investing.com– Gold prices rose in Asian trade on Tuesday, coming close to record highs as the run-up to the 2024 presidential election and uncertainty before upcoming data prints kept safe haven demand in play.

The yellow metal recouped all of its losses from the prior session, as easing fears of the Middle East conflict saw gold slip from recent peaks. 

But safe haven demand remained bolstered by expectations of a tight U.S. presidential race, while upcoming economic prints are also likely to factor into the outlook for interest rates. 

Spot gold rose 0.4% to $2,753.60 an ounce, while gold futures expiring in December rose 0.4% to $2,765.50 an ounce by 00:39 ET (04:39 GMT). 

Gold buoyed by election, rate jitters 

Donald Trump and Kamala Harris are set for a hotly-contested election, with voting set for November 5. 

Recent polls and prediction markets showed Trump gaining some ground over Harris, although analysts still forecast a tighter race. 

Uncertainty over the outcome, which will determine U.S. politics for the next four years, kept traders largely biased towards safe havens such as the dollar and gold.

Haven demand was also buoyed by anticipation of a string of key economic readings this week, which are likely to factor into the Federal Reserve’s plans for interest rates. 

Third-quarter gross domestic product data is due on Thursday. PCE price index data- the Fed’s preferred inflation gauge- and nonfarm payrolls data are due on Friday, with both prints coming just weeks before a Fed meeting. 

Gold and precious metal prices had persevered even as recent data prints furthered bets that the Fed will cut rates at a slower pace in the coming months. The central bank is expected to trim rates by 25 basis points in November.

Other precious metals rose on Tuesday. Platinum futures rose 1% to $1,054.00 an ounce, while silver futures rose 0.2% to $34.070 an ounce. 

Copper dips, China data awaited 

Among industrial metals, copper prices retreated as investors awaited more economic cues from China, the world’s biggest importer of the red metal.

Benchmark copper futures on the London Metal Exchange fell 0.5% to $9,510.0 a ton, while December copper futures fell 0.7% to $4.3362 a pound.

Copper was nursing steep losses through October as recent stimulus measures from Beijing failed to inspire confidence in an economic recovery.

Focus was now on purchasing managers index data from China, due on Thursday, for more cues on the economy.

This post is originally published on INVESTING.

  • Related Posts

    Oil falls after Trump reverses Colombia sanctions threat

    By Anna Hirtenstein LONDON (Reuters) -Oil prices wavered on Monday after the U.S. and Colombia reached a deal on deportations, reducing immediate concern over oil supply disruptions but keeping traders…

    Dollar gains on tariffs fears; euro looks to ECB meeting

    Investing.com – The US dollar slipped lower Monday, rebounding after recent losses as attention returned to the potential for trade tariffs from the Trump administration at the start of a…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Bitcoin vs Gold as Safe Haven: Which Is Better for Investors?

    • August 30, 2025
    Bitcoin vs Gold as Safe Haven: Which Is Better for Investors?

    Gold Safe-Haven Status: 10 Times Gold Protected Traders in Crisis

    • August 30, 2025
    Gold Safe-Haven Status: 10 Times Gold Protected Traders in Crisis

    Weekly Snapshot: FTMO Revives MT5 Access for Prop Trading in the US, Capital.com Pursues Japan License

    • August 30, 2025
    Weekly Snapshot: FTMO Revives MT5 Access for Prop Trading in the US, Capital.com Pursues Japan License

    Wage Inflation vs CPI: Why Currencies React Differently?

    • August 29, 2025
    Wage Inflation vs CPI: Why Currencies React Differently?

    Social Unrest and Safe Havens: How Markets React to Instability?

    • August 29, 2025
    Social Unrest and Safe Havens: How Markets React to Instability?

    ASEAN Local Currency in Trade Settlements Explained

    • August 29, 2025
    ASEAN Local Currency in Trade Settlements Explained