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Gold breaks above US$2,700 for first time amid Mid-East tensions
The Straits Times
|October 19, 2024
Gold breached the US$2,700-per-ounce level on Oct 18 for the first time ever, as US election jitters and simmering Middle East tensions boosted demand, while a looser monetary policy environment also added fuel to the rally.
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Spot gold firmed 0.6 per cent to US$2,709.28 per ounce as at 4.30am GMT (12.30pm Singapore time) and gained 2 per cent this week. US gold futures rose 0.6 per cent to US$2,724.50.
Bullion - a safe haven in times of geopolitical and economic uncertainty - is up more than 30 per cent in 2024. Rate-cut optimism fuelled the most recent gains as the Fed kicked off its easing cycle in September. Strong central bank purchases have also supported gold.
Denne historien er fra October 19, 2024-utgaven av The Straits Times.
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