Gold hits record high as US rate cut bets and election jitters spur demand

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Gold hits record high as US rate cut bets and election jitters spur demand
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Oct 17 - Gold prices charged to an all-time high on Thursday, as expectations of more interest rate cuts by the U.S. Federal Reserve and uncertainty over the U.S. presidential election boosted demand for bullion.

Gold has risen over 30% so far this year in a record-breaking rally driven by expectations that the Fed will cut rates further after a jumbo reduction in September, along with ongoing geopolitical uncertainties. Lower interest rates and geopolitical tensions tend to support bullion, which yields no interest and is considered a safe asset.

Gold prices are expected to rise to $2,941 a troy ounce over the next 12 months, delegates to the London Bullion Market Association's annual gathering predicted earlier this week.

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