Global gold prices rose during these moments of trading, today, Thursday, with the increase in demand for safe haven in the face of the rise of the dollar, as analysts expect record increases in bullion, while palladium reached its highest levels in more than a month.

The U.S. dollar held near a three-month high, limiting the potential for further gains in gold. A stronger dollar makes gold more expensive for holders of other currencies.

US Vice President Kamala Harris and Republican Donald Trump are locked in a tight race, with less than two weeks to go until the November 5 presidential election.

“For the rest of 2024, we see potential highs at $2,800, with 2025 targets at around $3,000 or higher, driven by ongoing geopolitical risks, the US monetary easing cycle and central bank buying,” said Sugandha Sachdeva, founder of New Delhi-based research firm SS Wealth Street.

U.S. economic activity remained steady from September through early October, with employment picking up slightly, suggesting a possible 25 basis point rate cut by the Federal Reserve soon. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

“It’s the uncertainty around the US election and the high debt load there, as they have to issue billions of dollars of debt before the election,” Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.

Esther George, former president of the Federal Reserve Bank of Kansas City, said high levels of government debt and fiscal deficits could keep long-term interest rates high in the United States.

Gold at settlement yesterday

Gold futures prices turned lower during Wednesday's trading, pressured by investors' profit-taking, as the dollar rose and US Treasury yields rose to a three-month high.

At the settlement of trades, gold futures for December delivery fell 1.1%, or $30.4, to $2,729.40 an ounce, with the yellow metal falling for the first time since October 14.

Gold and dollar now

Spot gold rose 0.67% to $2,733 an ounce after hitting a record high of $2,758.37 on Wednesday as U.S. election concerns and tensions in the Middle East boosted demand.

Meanwhile, US gold futures rose 0.63% to $2,746.

On the other hand, the dollar index contracts fell by 0.1% to 104.180 points.

Other minerals

Lower borrowing costs, stimulus measures in China, and supply constraints will continue to push silver higher, and in 2025 it could rise to levels around $45, Sachdeva said.

Spot silver rose 0.5% to $33.89 an ounce.

Palladium rose 5.1% to $1,111.50, its highest since Sept. 18. Bloomberg News reported that the United States has asked its Group of Seven allies to consider imposing sanctions on Russian palladium and titanium. Russia’s Nornickel is the world’s largest palladium producer. Platinum rose 0.9% to $1,025.15.

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