Gold Price News: Gold price consolidates at USD 2,743 due to geopolitical tensions and upcoming US election

Gold prices today stand at USD 2,743 per ounce, down from recent all-time highs of USD 2,790. The market is volatile, driven by geopolitical events and the upcoming US election. Investors continue to seek stability in gold as uncertainty remains over support for Ukraine and the global political implications of the election outcome.

In Ukraine, Russian air strikes have hit a shopping area in Kharkiv, injuring at least 13 people. The Ukrainian capital Kiev also experienced an intense drone attack, which was repelled by air defense measures. Several explosions were felt in the city, while residents were ordered to seek shelter. The escalation of attacks is leading to increased insecurity and further driving demand for gold as a safe haven investment.

Josep Borrell, the EU foreign policy chief, met with South Korean Defense Minister Kim Yong Hyun to discuss the threat from North Korea and security issues in the region. Borrell highlighted the close alliance in support of Ukraine and encouraged South Korea to expand its support for Ukraine in the war against Russia.

The first North Korean soldiers have reportedly begun participating in Russian combat operations in Ukraine. This reinforcement of Russian forces by North Korea is being viewed critically by Western countries, as it could further escalate the conflict.

Tomorrow's presidential election in the US, in which Donald Trump and Kamala Harris are running, is eagerly awaited. A Trump victory could jeopardize stronger support for Ukraine, while an election victory for Harris promises continuity in US foreign policy. Analysts emphasize the potential impact of the election result on global political stability and thus also on the gold market, as a change in US policy could affect global demand for gold.

Technical analysis continues to show resistance at USD 2,760. The gold price could rise further in the short term if geopolitical tensions or market reactions to the US election intensify.

Geopolitical tensions, the Middle East conflict and the US election in the spotlight are driving factors for the gold price. Analysts expect the gold price to remain volatile in the coming days and possibly reach new highs should the uncertainties and tensions continue.