Safe-haven buying pushes gold price above $2750 per ounce

On October 23, Jinshi data reported that the price of gold continued to refresh record highs on Wednesday, rising above the $2750 level due to the stimulus of demand for safe-haven assets from the Middle East conflict and the uncertainty of the US election. Previously, due to the profit-taking of some investors, the gold price once fell to around $2738. As the gold price pumped, the US dollar remained at a two-month high. Tim Waterer, chief market analyst at KCMTrade, said in a report that gold and the US dollar are enjoying safe-haven buying, due to next month's US election and ongoing geopolitical risks. The latest Reuters/Ipsos poll shows that Democratic vice presidential candidate Harris is leading former Republican President Trump by a slight advantage of 46% to 43%. In the Middle East, the Israeli military has confirmed the death of Hezbollah leader Nasrallah's successor, Hashem Safieddine. Driven by global uncertainty and loose monetary policy, gold has pumped more than 33% this year, continuously refreshing record highs.