Gold prices continued to print record highs after breaching the $2,700 figure amid uncertainty surrounding the US election and tensions in the Middle East.
Gold rises 0.98%, reaching $2,720 as geopolitical tensions and US election concerns drive demand for safe-haven assets. Falling US Treasury yields and the weakening US Dollar further boost Bullion prices, with the US Dollar Index dropping to 103.45. Analysts predict continued Gold gains with Citi’s Max Layton forecasting prices could reach $3,000 an ounce within 6-12 months. This weighed on US Treasury bond yields and the Greenback, which tumbled to a two-day low of 103.
Data from the Chicago Board of Trade, based on the December fed funds rate futures contract, indicates that investors estimate 48 basis points of Fed easing by the end of the year. XAU/USD technical outlook: Gold price surges above $2,700, eyes on $2,750 Gold price rally remains intact. Momentum backs bulls as depicted by the Relative Strength Index , soared and turned overbought, though with no signs of consolidating. Given the backdrop, the path of least resistance is upward.
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