Safe-haven gold hits record high on global uncertainties

Quick Summary:

Gold prices surged to a record high on Wednesday, as conflicts in the Middle East and uncertainty surrounding the upcoming U.S.election spurred demand for safe-haven assets.

The odds of a similar move in November have faded entirely, but traders see an 89% chance of a quarter-basis-point cut, the CME FedWatch tool showed.

"Both presidential candidates are proposing inflationary policies, which will be very supportive for gold.

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Category: EconomyBusiness

Markets: MalaysiaAustraliaIsrael

Topics: Commodities Geopolitical Gold Bullion /Business/Business News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-23 @ 16:02:00 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 355 words

Reading Time: 2 minutes read

Sentences: 15 lines

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Copyright Owner: © The Star

News ID: 23213004

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