Gold Prices Hold Near Record Highs Amid Investor Caution Ahead of U.S. Election

Gold prices remain near record highs in early European trading after surpassing $2,800 per troy ounce earlier this week. Analysts at ANZ Research note that “the precious metal continues to be bolstered by investors amid increasing macroeconomic risks,” adding that the market is preparing for significant uncertainty ahead of the upcoming U.S. election. According to the World Gold Council, demand for gold as a safe-haven asset has risen, showing a 5% year-over-year increase in the third quarter. Investors are now looking toward the upcoming Personal Consumption Expenditures (PCE) Price Index—considered the Federal Reserve’s key inflation gauge—due later on Thursday, followed by Friday’s U.S. employment report. Gold futures are currently trading 0.4% lower at $2,789.00 per troy ounce.