Gold prices surged to a record high on Wednesday as the conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets.
Gold prices fell over 1% after hitting a record high on Wednesday, as a stronger dollar and a rise in U.S. Treasury yields countered support from safe-haven demand linked to the Nov. 5 U.S. election and Middle East war.
Spot gold was down 1% to $2,721.12 per ounce as of 12:25 p.m. EDT (1410 GMT) after hitting a record high of $2,758.37 earlier in the session.
However, gold could see the $2,800/oz level by the week's end on safe-haven demand, Haberkorn added.
The dollar index rose 0.3% to near a three-month high, making gold less appealing for other currency holders, while U.S. bond yields climbed to a three-month high.
Persons:
Bob Haberkorn, Haberkorn, Ole Hansen, Kamala Harris, Donald Trump
Organizations:
Treasury, Saxo Bank, U.S, Republican, Reuters
Locations:
U.S