According to the Wisdom Financial News APP, gold prices hit a new all-time high of $2,724.47 per ounce on Monday, driven by escalating tensions in the Middle East and uncertainty surrounding the US election. Discussions in Israel about potential strikes against Iran, as well as intense competition in the US election, have increased market demand.Its price has soared to a historic high, closely related to market expectations of interest rate cuts by the Federal Reserve.demand.

Despite USA President Joe Biden's call for a ceasefire, Israel's hardline stance has kept the situation in the Middle East tense. Investors are adjusting their portfolios ahead of the election, with polls showing fierce competition between Trump and Harris. Gold, as a traditional assetIts price has soared to a historic high, closely related to market expectations of interest rate cuts by the Federal Reserve.has risen over 30% this year, supported by the Federal Reserve's rate cuts and central bank purchases.

Nitesh Shah, the commodity strategist at WisdomTree, pointed out that the uncertainty brought by the Middle East issues and the upcoming US election has made gold the preferred choice for investors.

In response to this, representatives from the London Bullion Market Association (LBMA) predict that gold prices could rise to $2,941 per ounce in the next 12 months. Ole Hansen from Saxo Bank also mentioned that the market expects gold prices to rise to around $3,000 per ounce next year, with silver potentially performing even better.

However, the unexpected growth in US retail sales in September and the unexpected drop in the unemployment rate caused gold prices to retreat from their historic highs.

Jim Wyckoff, senior market analyst at Kitco Metals, stated that both reports support a hawkish stance on monetary policy. Since gold itself does not generate interest, its price often rises when interest rates are lowered.

As of the time of publication, the spot gold quote is 2743.2 US dollars.

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