Gold futures prices reached their highest level in a week as they closed at over $2,780. This marked the fourth consecutive day of increases. The demand for safe-haven assets like gold was driven by political uncertainties surrounding the upcoming U.S. presidential election and heightened tensions in the Middle East.
On October 29th, on the U.S. New York Mercantile Exchange, the December gold futures price rose by $25.20, closing at $2,781.10 per ounce. The increase reflects the ongoing preference for gold amidst global uncertainties, particularly political instability in the U.S. and continued tensions in the Middle East.
Additionally, Bitcoin surpassed the $73,000 mark, nearing its all-time high. The cryptocurrency closed at $72,333.10, which is a 3.8% increase from the previous trading day. This level is close to the record high of $73,601.59 set on March 14. Bitcoin had been confined within a range between $55,000 and $70,000, but recently broke through this range.
Jack Pandle, head of research at Grayscale Investments, noted the favorable conditions for Bitcoin and other cryptocurrencies, citing factors such as a potential soft landing for the U.S. economy, interest rate cuts by the Federal Reserve, and possible regulatory changes regardless of the outcome of the U.S. presidential election. If these trends continue, Bitcoin may keep breaking records until the end of the year.