Bullion up over 24 per cent for the year
Gold market bulls are locking in bullion prices surging to fresh records, with a milestone of $3,000 per ounce coming into focus, fired up by monetary easing by major central banks and a tight U.S. presidential election race.
Last week, the World Gold Council said global physically backed gold exchange traded funds saw a fourth consecutive month of inflows in August. If incoming data points to growth risks and weakness in the labor market, it will raise the chance of a 50 bp rate cut in either November or December, which would increase the tailwind for gold and pull forward the timing for attainment of $3,000, said Peter A. Grant, vice president and senior metals strategist at Zaner Metals.
The upcoming Nov. 5 presidential election could boost gold prices as potential market volatility may drive investors towards safe-haven gold.
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