Gold Hits a New High—$2,758 Per Ounce!
Gold’s price has shot up again today, reaching a historic peak of $2,758 per ounce. The surge comes as political and geopolitical drama heats up on both sides of the globe.
Why the Pull Toward Gold?
- US Presidential Countdown: With the election in two weeks, polls show a tight race—Kamala Harris holding a modest 1.7‑point edge over Donald Trump according to FiveThirtyEight. That uncertainty nudges investors toward safer assets.
- Middle East Rumbles: No ceasefire looks likely across Israel, Gaza, Lebanon, or other hotspots. Even Egypt’s tentative pause proposal is met with rejection, and key Israeli ministers are adamant that any truce must give Israel freedom to operate.
- Gold vs. The Dollar: Despite a stronger dollar and rising Treasury yields, gold’s climb suggests that market fear outweighs hopes for lower rates.
Investor Flow Snapshots
In the last two trading sessions, the biggest physical gold ETFs—SPDR Gold Trust (GLD) and iShares Gold Trust (IAU)—attracted net inflows of roughly $580 million and $82 million, respectively. On the flip side, Wall Street’s view is a bit different: hedge funds are betting big on a Trump win, anticipating a dollar surge from tariffs and a spike in inflation that could lift long‑term Treasury yields.
What the Bigger Players Say
- IMF Concerns: The IMF warns that trade wars and tariffs could choke global supply chains and stall medium‑term growth.
- US‑Israel Dynamics: Secretary Blinken’s visit has spurred talk of a ceasefire, but no tangible plans have surfaced.
- Netanyahu’s Push: Some Israeli Likud members advocate for resettling Gaza, a stance that clashes with peace hopes.
Bottom‑Line Takeaway
Gold’s ascent mirrors a world gripped by election suspense and relentless Middle Eastern conflict. While some investors chase the possibility of a Trump‑led stronger dollar, many are locking in gold as the “safe‑haven” of choice.
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