Gold rose 0.5 percent to $2,685.74 a troy ounce (31.1 grams). The precious metal, which has gained 30 percent so far this year, is among the best-performing commodities for 2024.
Regardless of whether Donald Trump or Kamala Harris wins the election, gold traders expect the price to continue to rise in the near future. That’s because both candidates pose different risks to the economy, according to market experts.
The price of gold this year has been driven mainly by the prospect of further interest rate cuts in the United States. Higher interest rates are generally unfavorable for gold investments because this investment does not bear interest. The prospect of lower interest rates makes gold a more attractive investment.
