Gold price may rise to $3,000 by the end of this year

23 Okt

BusinessInternationalWednesday, October 23, 2024, 08:34 (GMT+7)
World gold prices increased again
The need for shelter when geopolitical tensions escalated pushed gold prices to a new peak, at 2,748 USD an ounce.

Closing the trading session on October 22, the world spot gold price increased nearly 30 USD to 2,748 USD per ounce. This is a new record high for the precious metal.

"Geopolitical tensions are still the main cause. The US presidential election will take place in two weeks and the race is still very close. Political instability is driving up the need for shelter."

The latest Reuters/Ipsos poll shows that Vice President Kamala Harris's support rate is currently 46%, slightly higher than former President Donald Trump's 43%. "This closeness is creating a situation of uncertainty. This environment is beneficial for gold," said analysts at BNP Paribas bank.

Grant predicts that if tensions in the Middle East continue to heat up, the price could rise to $3,000 by the end of this year. Since the beginning of the year, the price has increased 33% and continuously set new peaks.

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