Gold prices surged to new all-time highs during Asian trading on Friday, driven by ongoing speculation about an impending Federal Reserve interest rate cut and increased safe-haven demand due to a tight U.S. presidential election.
The yellow metal saw significant gains on Thursday and Friday, tracking declines in the U.S. dollar and Treasury yields as market expectations for a rate cut persisted despite some stronger inflation data. Weakness in the labor market, particularly jobless claims, further fueled these expectations.
Spot gold rose by 0.3% to $2,566.59 per ounce, while December gold futures increased by 0.6% to $2,594.70 per ounce as of 23:47 ET (03:47 GMT). Earlier in the session, spot gold had surged to a record high of $2,570.06, with gold futures approaching $2,600.
