Gold price continued its upward trajectory on October 22 as it hovered around record high hit in the last trading session amid uncertainties over US election, growing tensions in the Middle East and expectations of central banks cutting interest rates.
Reuters reported that spot gold rose 0.6 percent to $2,735.14 per ounce by 0658 GMT and US gold futures rose 0.4 percent to $2,749.3.
“A confluence of tailwinds remains in place (for gold), which includes its status as an attractive hedge against U.S. election uncertainties and geopolitical risks, resilient central banks’ demand and room for catch-up ETF buying,” IG market strategist Yeap Jun Rong said.
“Buyers may seem to eye the $2,800 level next, as political uncertainties will persist as the election draws nearer”
