Gold has surged past $2,700 an ounce for the first time, driven by geopolitical tensions and a tight US election race that have prompted investors to seek safety.
As geopolitical tensions escalate, particularly in the Middle East where Israel has taken significant military action, investors are increasingly turning to gold as a safe-haven asset.
Christopher Wong, FX strategist, noted the divergence in traditional polls and betting markets, suggesting that uncertainty around the US elections may lead to increased gold investments.
With the dollar weakening, the demand for gold continues to rise as it becomes more attractive to buyers in the global market, supporting its overall price increase.
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