The global price of gold increased by 0.25%

reported by Mehr Reporter The price of gold has increased amid the instabilities caused by the upcoming US presidential elections. Investors are waiting for US economic data to get more clues about the Federal Reserve’s interest rate cut policy.

The price of gold per ounce increased by 0.25% to $2,749 and 42 cents today. The price of gold futures on the Comex market of New York has reached $2,762 and 90 cents with an increase of 0.25%.

Analysts believe that the instabilities caused by the US presidential elections will continue to support gold as a safe haven. The slowing down of the increase in the dollar index and the yield of US Treasury bonds is also in favor of gold.

Although the positive economic data from the US can prolong the interest rate reduction process, even a 25% reduction in the interest rate at the November meeting will raise the price of gold.

8 days are left until the final decision of the US Federal Reserve and sensitive events can affect the choice of the central bank of this country.

The American labor market information will be released today, the list of non-agricultural wage earners on Wednesday and the personal consumption expenditure index on Thursday, and the American elections will be held on November 5th.

Markets have a 98% probability that the Federal Reserve will lower the interest rate by 25 points at the next meeting.

Decreasing the interest rate lowers the cost of keeping gold as a non-profitable capital and increases the desire to buy it.

Tensions in the Middle East continue and have increased investors’ desire to buy gold as a safe haven.

Among other precious metals, silver rose 0.07 percent to $34.3 cents and platinum traded up 1.02 percent to $1,043.98 cents.