Gold Hits its Best in Seven Months

Gold is on the rise. U.S. election uncertainty fuels demand for safe investments, putting it on track for its best month in seven.

On Thursday, gold prices dipped slightly to $2,777.10 per ounce but stayed close to the earlier high of $2,790.15, with prices up nearly 6% for the month so far.

The tight race between Donald Trump and Kamala Harris is adding to geopolitical jitters, while investors await key U.S. inflation and job data due soon.

Analysts say a likely U.S. rate cut could boost gold further, as lower rates enhance gold’s appeal by reducing the opportunity cost of holding non-yielding bullion.

UBS predicts gold could reach $2,800 by year-end and potentially $3,000 by 2025. Meanwhile, silver has gained over 7% this month, while platinum and palladium are also seeing strong gains amid market volatility.