Gold price sets new record high on US election uncertainty, monetary easing

Gold reached a record high of $2,696.62 per ounce due to US election uncertainty and Middle East tensions, while an easing monetary policy environment supported elevated prices.

Spot gold rose by 30% this year, driven by potential Federal Reserve rate cuts and geopolitical risks.

Analysts predict gold could reach $2,941 per ounce within 12 months. Economic data, including stronger US retail sales and lower unemployment, briefly pulled prices back.

Despite this, expectations for further rate cuts by the Federal Reserve remain, which could continue boosting gold prices, according to market strategists.