Gold Prices Hit Record High, Then Plunge: Market Takes Profits as Price Closes at $51.50

New York gold futures closed above $50 on Thursday (Oct 31) as investors took profits after gold prices rose to a record high earlier. Meanwhile, analysts think gold prices have a strong trend. This is because investors continue to buy assets amid the uncertainty of the US presidential election results.

Gold contracts on the COMEX (Commodity Exchange) market will be introduced in December. it fell $51.50, or 1.84%, to close at $2,749.30/ounce.

David Meagher, director of metals trading at High Ridge Futures, said that although gold prices are falling due to profit taking, But important events are expected next week, including the US presidential election. and the tense situation in the Middle East will continue to be a factor supporting the purchase of gold as a safe haven asset.

Several polls indicate that the approval ratings of Democratic candidate Kamala Harris and Republican candidate Donald Trump are similar. Very close in the last stretch before the presidential election on 5 Nov.

Investors are concerned that Trump’s various measures, such as plans to cut tax rates and loosen regulations in the financial sector, will cause the United States to face a larger deficit in the budget. and will cause inflation to rise. This will lead to the Federal Reserve (Fed) delaying the reduction in interest rates.

Investors are keeping an eye on the release of non-agricultural employment numbers for October in the United States today around 7:30 pm Thai time, with analysts predicting that the October employment figures will only be 111,000 jobs. After adding 254,000 jobs in September and the unemployment rate is expected to remain stable at 4.1% in October.