Gold Hits $2,700, New High Made!

thecekodok


The yellow metal hit early Friday trading highs above $2,700 amid uncertainty surrounding the US election.


In terms of economic data, the US remained resilient as Retail Sales and employment data failed to weigh on gold's current position.


At 9.40am, gold was at $2,702.55, up 0.36% since it opened in early Asian trading on Friday.


The US Commerce Department revealed that Retail Sales rose slightly above estimates. At the same time, the US Department of Labor released data on fewer Initial Jobless Claims which influenced Bullion prices.


For now, investors are now reducing their bets on Fed easing for the last two meetings of the year.


At the November meeting, the odds for a 25 basis point rate cut fell from 94% to 88.2% while the chance of the Fed standing firm was at 11.8%.


In addition, sentiment was also influenced by concerns in the Middle East and the US election where both candidates won an expected close result.


The uncertainty often attracts the market to provide support for gold to continue climbing higher.

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