Commodities

Gold Rises to Record High as Looming US Election Fans Demand

Market bracing for trade tariffs if Trump wins: StanChart
Inflation, payroll data due this week to give Fed rate clues

WATCH: George Milling-Stanley, chief gold strategist at State Street Global Advisors, says the precious metal has “further upside.”Source: Bloomberg

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By Sybilla Gross and Mark Burton

October 29, 2024 at 10:23 PM UTC

Updated on

October 30, 2024 at 3:05 PM UTC

This article is for subscribers only.

Gold rose to a record Wednesday on haven demand before the US election, and held a narrow gain after jobs and GDP data showed the ongoing resilience of the US economy.

Bullion climbed as high as $2,789.86 an ounce, topping the previous record posted on Tuesday, and was 0.2% higher after US jobs data beat expectations, while GDP figures showed robust growth in the economy over the third quarter.