Gold's record-breaking rally fuelled by US presidential race anxiety
Gold has risen 33% so far this year
Traders see 88% chance of a 25-bp US rate cut in November
Silver's physical shortage provides strong support - analyst
Updates prices as of 1129 GMT
By Anushree Mukherjee
Oct 23 (Reuters) -Gold prices hit record highs on Wednesday, as investors grew anxious about a tight U.S. presidential race and loaded up on safe-haven investments, while silver traded close to its highest in 12 years.
Spot gold XAU= gained 0.1% to $2,750.68 per ounce as of 1129 GMT after hitting a record high of $2,758.37 earlier in the session. U.S. gold futures GCv1 edged 0.2% higher to $2,764.30.
"It's the uncertainty related to the U.S. election and rising debt burden in the U.S. They have to issue billions of dollars of debt as well just ahead of the election into a relatively thin and nervous market," said Ole Hansen, head of commodity strategy at Saxo Bank.
"The risk of additional spending raising the debt burden even more is what's driving this safe-haven demand into investment metals right now."
Democratic U.S. Vice President Kamala Harris held a marginal 46% to 43% lead over Republican former President Donald Trump, a new Reuters/Ipsos poll found.
Economic uncertainty and geopolitical tensions boost non-yielding bullion, which has hit multiple record highs and surged over 33% so far this year to become one of the best-performing assets of 2024.
Gold got a boost after the U.S. Federal Reserve initiated its cycle of rate reductions last month with a significant 50-basis-point cut.
The odds of a similar move by the Fed in November have faded entirely, but traders see an 88% chance of a quarter-basis-point cut, the CME FedWatch tool showed.
Spot silver XAG= fell 0.8% to $34.57 per ounce after hitting its highest since late 2012 at $34.87 in the previous session.
"The gold/silver ratio, currently standing at around 80, means silver tends to benefit as a natural consequence of gold's push into new territory on the upside," Kinesis Money said in a note.
Silver's physical shortages also provide strong support for the metal, said Michael Langford, chief investment officer at Scorpion Minerals.
Platinum XPT= rose 0.2% to $1,031.34 and palladium XPD= dropped 0.4% to $1,071.75.
Gold to silver ratio- Oct 23 https://tmsnrt.rs/3NFWEAk
Spot gold price in USD per oz https://reut.rs/3UmuhuP
Reporting by Anushree Mukherjee in Bengaluru, additional reporting by Swati Verma; Editing by Maju Samuel and Mrigank Dhaniwala
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
