On Wednesday, gold reached a new all-time high of $2,758 driven by strong momentum amid US political uncertainty, geopolitical tensions in the Middle East, and global central banks' easing policies.
These factors are once again fueling sustained demand for gold as a safe haven.
“With the US presidential election just over two weeks away, polls suggest that former President Donald Trump's chances of winning are increasing. This possibility is prompting investors to seek more safe-haven assets like gold to hedge against potential controversial policies he might implement, which could impact inflation, monetary policy, and global trade,” wrote Bas Kooijman, CEO and Asset Manager of DHF Capital S.A.
“Additionally, the persistent geopolitical tensions in the Middle East are supporting gold prices, as demand for safe haven assets grows with no clear signs of de-escalation in the near term.”
The big gold story of the week was Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, ETR:NMM)'s 3Q earnings miss, which caused the gold producer to lose nearly 10% of its market value.
Elsewhere, gold juniors were making news with tidy capital raises, new metallurgy results and continued exploration pushes. Here’s some of the gold stories making news this week.