(Bloomberg) — Gold rallied toward a fresh record high as investors turned their attention to the upcoming US election, with polls forecasting a razor-thin contest with less than three weeks to go.
The precious metal is one of the strongest performing commodities in 2024, setting successive records thanks to its appeal as a safe haven asset and rapacious central-bank buying. Now, it’s finding fresh support as investors across financial markets reposition their portfolios in response to uncertainty over the outcome of the US presidential race.
The dollar rallied on Tuesday after Republican candidate Donald Trump said in an interview with Bloomberg News that he would raise tariffs sharply, cut taxes and regulation, and seek more direct consultation with the US Federal Reserve. Meanwhile, in options markets, traders are more focused on the Fed’s interest-rate cuts and the health of the US economy, market veterans say.
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