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Gold Price News: Gold reaches new high of 2,770 USD after geopolitical tensions and falling oil prices
Dr. Mathias Kunze
Senior Consultant in Commercial and Tax Law
3 min.
Published on: 29.10.2024 | 17:10 EET
Updated on:
30.10.2024 | 06:04 EET

Today's gold price and important market developments from 29.10.2024 in the live ticker
Source: ChatGPT (OpenAI)
Geopolitical tensions and falling oil prices push up gold price
Gold prices hit a high of USD 2,770 per troy ounce during the trading day, an increase of 0.9%. The upward trend reflects increased demand for gold as investors respond to geopolitical tensions and weaker oil prices. While OPEC has reduced demand forecasts for oil, oil prices continue to fall, increasing the attractiveness of gold as an investment.
Iran: Opponent of the regime Jamshid Sharmahd executed
The news of the execution of German-Iranian regime opponent Jamshid Sharmahd in Iran has put a heavy strain on international relations. His execution without a fair trial has drawn strong international criticism and increased existing tensions in the Middle East, further boosting demand for gold as a hedge against geopolitical risks. The situation also poses risks of further potential conflicts in the region, which could further drive up the price of gold.
Russia and North Korea: Intensified military cooperation
Russia and North Korea are intensifying their cooperation in the Ukraine conflict. Recent reports confirm that North Korea is sending around 12,000 troops to support Russian operations. This escalation increases the uncertainty in the region. Investors continue to turn increasingly to gold due to geopolitical tensions. Ukrainian President Selenskyj is responding by intensifying relations with South Korea and calling on the international community to take strong action, which could potentially push up gold prices further.
US election forecasts: Trump and Harris as main candidates
Insider polling for the upcoming US election shows Trump and Harris as leading candidates, meaning increased uncertainty for the markets. Both candidates are more or less at an identical level nationwide and in the swing states. US political decisions often have a significant impact on the global market, and this potential uncertainty continues to drive investors to gold as a stable store of value, further boosting demand.
Massive attack on Crimea: Russian losses escalate
Today, reports emerged of intensified attacks in Crimea, with Russia suffering significant losses. Tensions in the Ukraine conflict are intensifying, as Crimea is of high importance for the strategic interests of both sides. Analysts expect this escalation to continue to support demand for gold in the short term, as investors seek safe havens in the face of ongoing uncertainties.
Technical analysis: Resistance at USD 2,780
Technical analysis shows resistance at USD 2,780. If this level is breached, the gold price could continue to move towards USD 2,790. Geopolitical and economic uncertainties could cause the gold price to rise further in the short term, as investors increasingly turn to gold in an uncertain global environment.
Outlook: Geopolitical tensions remain driving factors
With the developments in Iran, Ukraine and the US, geopolitical tensions remain the driving factors for the gold price. Analysts expect the gold price to remain volatile and possibly reach new highs should the situation in the conflict regions deteriorate further.
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