Demand for safe havens rose before the US election. While economic and geopolitical uncertainty impacted the stock market, it also boosted the rise in gold prices.

On Wednesday (October 30), most of the Asia-Pacific stock markets fell. South Korea's Seoul Composite Index fell nearly 1%, and the Nikkei 225 Index closed up 1% against the market. Major European stock index futures declined, and the European Stoxx 50 Index fell 0.4%. In the European stock earnings season, Volkswagen's Q3 operating profit fell sharply by 42%. The performance of UBS and Standard Chartered Bank exceeded expectations.

COMEX futures broke the $2,800 mark, and spot gold reached a new high, approaching 2,790 US dollars/ounce. International oil prices rose, and WTI crude oil rose 0.7%.

US GDP data will be released tonight, and traders are still waiting for inflation later this week andNon-farm payrolls datato find clues that the Federal Reserve will cut interest rates.

[15:10 update]

COMEX futures surged $2,800 per ounce and rose 0.7% during the day.

At the beginning of the Asia-Pacific session today, spot gold reached $2774.89, continuing to reach record highs, supported by economic and geopolitical uncertainty. Currently, spot gold has broken its previous high and is tentatively reported at $2787.30.

Goldman Sachs expects the price of gold to rise to a higher level than previously anticipated. This optimism is due in large part to a surge in gold purchases by central banks (especially central banks in emerging markets). Furthermore, Goldman Sachs expects the price of gold to reach 3,000 US dollars/ounce by December 2025.

International oil prices rose, and WTI crude oil rose 0.7%.

Most of the Asia-Pacific stock markets fell. South Korea's Seoul Composite Index fell nearly 1%, Vietnam and India stock indexes fell slightly, and the Nikkei 225 Index closed up 1% against the market.

Major European stock index futures fell, and the European Stoxx 50 Index fell 0.4%.