Gold racks up record highs on safe-haven bidding, bullish charts – by Jim Wyckoff (Kitco News – October 17, 2024)

https://www.kitco.com/

(Kitco News) – Gold prices are higher and have notched new all-time highs in midday U.S. trading Thursday. Spot gold hit a record high of $2,697.90 and December Comex futures a new high at $2,712.70.

Safe haven demand amid geopolitical tensions and the uncertainty surrounding the U.S. presidential elections is driving gold prices north. Technical-based buying amid bullish charts is also fueling gains in both gold and silver. December gold was last up $13.30 at $2,704.60 and December silver was down $0.234 at $31.74.

A very heavy slate of U.S. economic data Thursday was highlighted by the retail sales and weekly jobless claims reports. September retail sales came in at up 0.4%, month-on-month and were seen coming in at up 0.3% from August. That compares to a rise of 0.1% in the August report.

For the rest of this article: https://www.kitco.com/news/article/2024-10-17/gold-racks-record-highs-safe-haven-bidding-bullish-charts