24K99 News On Wednesday, October 31st, due to the uncertainty of the usa presidential election boosting safe-haven demand, the price of gold soared to $2790 per ounce, hitting a new historical high. In the Middle East, there was also important news as Hamas rejected a ceasefire proposal.

Spot gold closed up $12.78 on Wednesday, at $2787.13 per ounce; the price of gold hit a high of $2790.05 per ounce during the session, setting a new record high.

Daniel Pavilonis, a senior market analyst at RJO Futures, pointed out that with the usa presidential election approaching, there is high political uncertainty, the Federal Reserve is cutting interest rates, and the prospects for Russia and Ukraine are also very uncertain.

Pavilonis said: "There are too many factors that can drive gold prices higher, all negative news is the impetus needed to push gold prices up, and the next step could be a climb to $2850 per ounce."

FXStreet analyst Christian Borjon Valencia pointed out that due to the uncertainty of investors about the outcome of the usa presidential election, the price of gold soared to a record high of $2790 per ounce during the North American session. However, optimistic economic data from the usa dampened the rising trend in gold prices, as the usa economy is steadily growing, and the job market remains strong.

According to preliminary estimates released by the usa Labor Department on Wednesday, adjusted for inflation, the third-quarter Gross Domestic Product (GDP) in the usa grew at an annual rate of 2.8%, compared to 3% in the second quarter. Economists surveyed projected a median of 2.9%. The largest component of economic activity, consumer spending, increased by 3.7%, the largest gain since early 2023.

In addition, the usa added 0.233 million jobs in October according to the ADP report, far exceeding expectations. Market expectations were an increase of 0.111 million jobs, compared to the previous increase of 0.143 million jobs.

The market expects the Federal Reserve to cut interest rates by 25 basis points next week, while also focusing on the usa Personal Consumption Expenditures (PCE) and Non-Farm Payrolls data to be released on Thursday and Friday.

Biden's astonishing remarks may impact Harris's election campaign.

Valencia said that as the approaching of the 'Super Tuesday' on November 5, the U.S. presidential election is entering a heated phase. Polls show that Democratic Vice President Harris is neck and neck with former President Trump.

As the U.S. presidential election enters its final sprint, President Biden's trash talk has caused a stir. On Tuesday local time, Biden publicly stated that supporters of the Republican presidential candidate Trump are all 'garbage'.

Despite Biden quickly clearing things up, the damage may have already been done. It is believed that this will harm Harris's campaign and instead help Trump.

On October 27, Trump held a large campaign rally at Madison Square Garden in New York, attended by many celebrities. American comedian Sinckleyve also attended the event, but when he spoke, he described Puerto Rico as a 'floating garbage island'.

On Tuesday, Biden said during an online event that in his hometown Delaware, the people of Puerto Rico are very kind and decent, respectable people. 'The only trash I see is him (Trump) and his supporters, his demonization of Latino Americans is unreasonable, this is un-American behavior. This goes completely against everything we stand for.'

Trump's camp seizes the opportunity to fiercely attack Harris's camp. Trump's running mate Pence wrote on social media X on October 29: 'This is disgusting. Harris and her boss Biden attacked half of the nation. There is no reason for doing this. I hope Americans reject such rhetoric.'

U.S. Vice President Harris said on Wednesday that she 'strongly' disagrees with President Joe Biden's remarks that the voters who support Trump are 'garbage'.

Biden's remarks are seen as insults to Trump supporters by the Republicans and are being grabbed onto tightly. This shows that she is trying to distance herself from a brewing controversy, as this controversy could weaken her momentum in the final week of the election campaign.

Harris told reporters on Wednesday before heading to three battleground states for her campaign: "First, he clarified his remarks. But what I want to make clear is that I strongly disagree with criticizing people based on who they voted for.

Gold, as a traditional safe haven asset during periods of geopolitical instability, has surged 35% this year and is expected to achieve its best annual performance since 1979. The low interest rate environment will further support the upward trend of gold.

Dominik Sperzel, the trading director of Heraeus Metals in Germany, stated that due to concerns in emerging markets, inflows of gold ETFs, and market adjustments after the elections, the price of gold may reach $3,000 per ounce by 2025.

Hamas rejects latest ceasefire proposal.

Valencia pointed out that amidst ongoing conflicts in the Middle East, gold continues to be supported by safe-haven funds.

The British media outlet 'Middle East Eye' reported on Wednesday that Hamas rejected a ceasefire proposal requiring the release of a few Israeli prisoners and halting hostilities within 30 days, but without requiring the withdrawal of Israeli troops from the Gaza Strip.

(Screenshot source: 'Middle East Eye')

Sources close to Hamas told 'Middle East Eye' that they have officially rejected proposals from Qatar, Egypt, and the USA.

Hamas insists that any ceasefire agreement must ultimately lead to the complete withdrawal of Israeli forces from the Gaza Strip.

For several months, Egypt and Qatar have been acting as mediators between Israel and Hamas.

In November last year, a prisoner exchange agreement released about 100 Israeli prisoners in exchange for approximately 240 Palestinian prisoners.

The first phase of the new proposed agreement will release 11 to 14 Israelis, including women and elderly individuals, in exchange for detained Palestinians, but the exact numbers are undisclosed, and a 30-day ceasefire is required.

'Middle East Eye' reports that despite the current proposal being evidently impossible, officials told the Israeli news outlet Maariv that U.S. officials involved in the negotiations hope to reach a ceasefire agreement before the U.S. election on November 5th.

Latest technical outlook on gold

Valencia said that the upward trend in gold prices remains unchanged, with gold hitting a record high of $2790 per ounce. If it breaks this level, gold will target $2800 per ounce, followed by psychological levels of $2850 per ounce and $2900 per ounce.

The momentum indicates that as the Relative Strength Index (RSI) remains bullish and breaks above the previous peak, this means that gold buyers are gathering momentum.

(Spot gold daily chart Source: 24K99)

On the other hand, Valencia added that if sellers enter and push gold below $2750 per ounce, the next support level will be $2700 per ounce. If it falls below the above support, the next supports are the high of September 26 at $2685 per ounce, followed by the 50-day Simple Moving Average (SMA) at $2603 per ounce.

At 08:17 Beijing time, spot gold was reported at $2787.87 per ounce.