The price of gold fell by about 0.6%, almost offsetting yesterday's increase (+0.71%), and retreating from the record high set on Wednesday. The correction of the precious metal was caused by partial profit-taking and the strengthening of the US dollar. However, gold is preparing to record a third consecutive weekly increase amid high demand for safe haven assets due to growing geopolitical uncertainty.
U.S. and Israeli negotiators will meet in the coming days to try to resume negotiations on a cease-fire agreement. Previous attempts to reach an agreement have failed.
The uncertain situation around the US presidential election also supports the precious metal. Experts said that the upcoming elections will be more dynamic and unpredictable than many previous ones, and such volatility creates additional interest in gold. Voters in the US go to the polls on 5 November. The big question now is - will America get its first woman president or a second Donald Trump term?. Harris has had a small lead over Trump in the national polling averages since she entered the race at the end of July and she remains ahead - 48% vs. 46% for Trump. Right now the polls are very tight in the seven states considered battlegrounds in this election and neither candidate has a decisive lead in any of them. But experts warn that while national polls are a useful guide as to how popular a candidate is across the country as a whole, they're not necessarily an accurate way to predict the result of the election.