In addition, the narrow US presidential election, which is only a few weeks away, is increasing demand for safe havens. At the same time, monetary easing from major global central banks is supporting the upward momentum of gold, as the People’s Bank of China and the European Central Bank recently cut key lending rates. At the same time, traders are assessing different views from Federal Reserve officials on the future path of US monetary policy.In this regard, Kansas City Federal Reserve President Jeffrey Schmid is calling for a slower pace of interest rate cuts, while San Francisco Federal Reserve President Mary Daly stresses the need for further cuts to protect the Labor market.According to gold trading platforms, gold prices are rising due to an imbalance between supply and demand. Gold prices had risen to an all-time high of $2,753 per ounce as investors sought safe-haven assets amid rising geopolitical tensions. Consequently, this means that the price of the yellow metal has risen by 38 percent this year 2024. The rise in gold bullion prices came as the conflict between Lebanon and Israel intensified, with concerns growing about a broader regional escalation. At the same time, uncertainty about the outcome of the US elections, with particular concerns about the improvement in Donald Trump’s chances in betting markets, has also pushed investors towards safe-haven assets.
 Gold Price Analysis and forecast Today:According to analysts, “gold usually attracts the attention of investors when they are looking for a store of value during uncertain times.”Obviously, Gold is a proven hedge against inflation as investing in it is seen as preserving the real value of assets when other prices rise. It remains resilient when other markets are not. According to gold market analysis experts, “The gold price index tends to rise as interest rates fall due to the decline in the return on cash from banks, or bonds from governments, which pushes investors away from cash or debt towards the metal. And “A Trump victory in the US presidential election would increase the risk of a trade war, and his provocative nature could lead to increased uncertainty in the markets. And owning gold is essentially an insurance policy against the unknown.”Analysts noted that investors’ appetite for gold has been boosted by “the risk of spillover into a wider conflict in the region” and uncertainty around the upcoming elections, making gold an attractive asset for those seeking to hedge against market volatility. The rising price of gold is a direct reflection of the fear and uncertainty facing investors.”On the other hand, Chinese stimulus and a strong US economy are also boosting demand for gold. In addition to geopolitical factors, the second factor is the old supply and demand factors that affect the price of gold. Gold demand hit an all-time high in Q2, and we expect this rally to continue into Q3, and in the absence of increased supply, the price of gold will naturally rise.Gold’s latest achievement comes amid growing concerns over conflicts in the Middle East and a tight US presidential election. Moreover, Gold is widely seen as a safe haven asset and attracts investors during times of geopolitical uncertainty. Furthermore, central banks around the world have been buying bullion in large quantities over the past year.According to recent trading, the price of gold has risen by about 2.4% over the past week, as violence in the Middle East escalated and opinion polls showed a tight tie in the US presidential election. Furthermore, the gold price index is now up more than 30% this year as interest rates have been cut amid strong buying by central banks. Gold is not the only metal on the rise. Recently, Silver has jumped 5.5% in recent days and is now at its highest level since 2012. Also, Palladium and platinum are also on the rise.More By This Author:EUR/USD Analysis: Downward Forecast Remains StrongestUSD/JPY Analysis: Beware Of Strong Overbought LevelsUSD/JPY Forecast: Japanese Yen Remains Under Pressure