Gold glitters as US election nerves grow, strong dollar dents stocks

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LONDON :Gold prices hit record highs on Wednesday, defying the dollar's rise, which kept pressure on the yen and the euro, while global stocks edged lower on investors' reluctance to place major bets ahead of the U.S.election in two weeks.

"The Treasury sell-off has deepened this week as markets acknowledge that the Fed risks reigniting inflation if it eases into a strong economy," said Prashant Newnaha, a senior Asia-Pacific rates strategist at TD Securities.

Stocks, meanwhile, are turning lower, but still near record highs, suggesting that equity investors are focusing more on the positives around the economy and earnings - for now, at least.

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Category: EconomyBusiness

Markets: SingaporeIsraelJapanLebanon

Topics: Rise Dollar Highs Trump Investors Cent Euro Election Rates Record Gold

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News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-23 @ 17:19:11 (6 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 748 words

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Sentences: 26 lines

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News ID: 23213846

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