Gold Continues to Break Records

Forex - In early trading in Asia, the price of gold reached a record level due to purchases from investors seeking a safe haven against potential market disruptions ahead of the upcoming presidential elections in the U.S. Spot gold rose to $2,782.19 this morning and is currently trading at $2,778.18, up 0.12% from yesterday.

Ahead of the U.S. Federal Reserve's next policy meeting on November 6-7, traders will scrutinize more economic data released later this week, including inflation and payroll figures, which could provide clues about the Fed's easing trajectory through 2025. Reports are expected to show underlying resilience in the economy and a hiccup in the labor market following two hurricanes. Economists anticipate that policymakers will cut interest rates by a quarter point next week. The precious metal has increased by more than a third this year, supported by central bank purchases and safe-haven demand due to conflicts in the Middle East and Ukraine. With less than a week to go until the neck-and-neck U.S. presidential elections between Kamala Harris and Donald Trump, the uncertainty surrounding the outcome underscores gold's role as a safe place for investors.