Gold prices hit record highs -

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FE Team | Published: October 23, 2024 21:49:54

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Gold prices hit record highs on Wednesday, as investors grew anxious about a tight US presidential race and loaded up on safe-haven investments, while silver traded close to its highest in 12 years, reports Reuters.
Spot gold gained 0.1 per cent to $2,750.68 per ounce as of 1129 GMT after hitting a record high of $2,758.37 earlier in the session. US gold futures edged 0.2 per cent higher to $2,764.30.
"It's the uncertainty related to the US election and rising debt burden in the US. They have to issue billions of dollars of debt as well just ahead of the election into a relatively thin and nervous market," said Ole Hansen, head of commodity strategy at Saxo Bank.
"The risk of additional spending raising the debt burden even more is what's driving this safe-haven demand into investment metals right now."
Democratic US Vice President Kamala Harris held a marginal 46 per cent to 43 per cent lead over Republican former President Donald Trump, a new Reuters/Ipsos poll found.
Spot silver fell 0.8 per cent to $34.57 per ounce after hitting its highest since late 2012 at $34.87 in the previous session.
Platinum rose 0.2 per cent to $1,031.34 and palladium dropped 0.4 per cent to $1,071.75.