Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinExtending its record rally, New York spot gold added another 0.8% to close at a new all-time high above $2,744 as tensions in the Middle East and uncertainty over the upcoming US presidential election continued to drive investors into safe havens. Silver surged 2.8% to finish at $34.83 an ounce.

With Donald Trump and Kamala Harris running neck and neck down the home stretch, investors are bracing for turmoil if results are contested and economic uncertainty in either case. The policies of both candidates—Trump's tariffs, Harris' spending programs—are seen as increasing government debt and possibly inflation.

Adding to safe-haven inflows, the violence in the Middle East shows no signs of abating as Israel attempts to eliminate Hamas and undercut Hezbollah, potentially direct conflict with Iran.

Benchmark 10-year Treasury yields hover at a three-month high after a spate of better-than-expected US economic data has taken the pressure off the Fed to cut interest rates aggressively. Fed fund futures traders have reduced the odds of another half-point cut in November to just 9%, down from 51% a few weeks ago.

But further rate cuts are still in the cards, suggesting that the recent bump in yields may well be short-lived.

The dollar inched slightly higher against major rivals, also on safe-haven inflows and the prospect of slower rate cuts.

Platinum and palladium each rose 2.4%.

At the New York spot close: gold gained $21.10 to $2,744.20; silver jumped 96 cents to $34.83; platinum picked up $23.80 to $1,031.40; and palladium climbed $25.80 to $1,081.40 an ounce.