Gold prices have reached a new record high at $2789 per oz, propelled by strong demand amid global uncertainties, primarily driven by the ongoing U.S. presidential election and its associated risks.
The geopolitical tensions coupled with the market’s cautious stance towards the U.S. dollar and Treasury yields have further solidified gold's role as a reliable safe-haven asset in uncertain times.
Recent trends in gold ETFs indicate a significant rise in demand, alongside overall investment flows into gold, contributing to a bullish outlook and potentially pushing prices towards $3000 per oz by 2025.
With major economic indicators like U.S. GDP, PCE data, and nonfarm payrolls on the horizon, market expectations for future Fed rate actions are expected to be influenced, impacting gold's pricing.
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