Gold fell slightly after hitting a record high on Wednesday.
Spot gold was trading at $2,471 on Thursday after hitting an all-time high of $2,483.73 on Wednesday, which translates to a level of 2,629 TL in ounces and grams of gold.
Gold has risen nearly 20% since January as markets bet the Fed will ease monetary policy soon. Much of this year’s gains have been driven by heavy central bank purchases, strong Chinese consumer confidence and safe-haven demand amid geopolitical tensions.
Meanwhile, a group of U.S. politicians also acknowledged that inflation is moving toward the central bank’s 2% target. Federal Reserve Board Governor Christopher Waller said on Wednesday that the economy is close to being able to reduce borrowing costs, but he wants to see “further evidence” that cost pressures are trending downward in a sustained way.
Markets are keeping a close eye on the US election campaign amid the weekend assassination attempt on Republican candidate Donald Trump and ongoing doubts about whether President Joe Biden, who tested positive for COVID-19 on Wednesday, will continue in office. Analysts say a tumultuous race so far could boost demand for gold.
