Gold prices are experiencing a remarkable rise, reaching a record $2,740 per ounce, reflecting one of the strongest annual gains in 45 years despite challenging conditions.
The rise in gold prices amidst a strengthening U.S. dollar and declining expectations for interest rate cuts highlights the significant impact of geopolitical tensions and upcoming elections.
Gold exchange-traded funds (ETFs) have seen consistent inflows, indicating that investors are increasingly viewing gold as a safe haven amidst rising economic and geopolitical risks.
Despite the strong momentum in gold prices, the market has entered overbought territory, raising concerns about a potential correction as U.S. Treasury yields increase.
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