Gold18 Oct 2024 10:15
Gold surges to record high near $2,700 amid high US yields, good US data
NEWS | 10/17/2024 22:13:15 GMT | By Christian Borjon Valencia
Gold surges to $2,691, boosted by uncertainty surrounding US elections, despite robust Retail Sales and job data.
US 10-year Treasury yield rebounds to 4.096%, capping Gold’s advance as the US Dollar Index reaches a two-month high.
Traders trim bets on a Fed rate cut, with odds for a November 25 bps reduction dropping to 88.2%.
Gold price hit a record high during the North American session on Thursday, yet it failed to hit $2,700 amid uncertainty around US elections. Data-wise, the US economy remains resilient following Retail Sales and jobs data, though it didn’t weigh on the precious metal. At the time of writing, the XAU/USD trades at $2,691, up by over 0.66%.