Gold prices soar to record highs amid global uncertainties

Gold continues to rise in value, with the precious metal's price reaching a new record during trading on October 21. According to Report, which cites Interfax, the cost of December gold futures stood at $2,746.9 per troy ounce as of 12:50 [Baku time], a 0.6% increase from the previous session's close. Earlier in the trading session, the price of the precious metal climbed to $2,748 per ounce.

The surge in gold prices can be attributed to the increasing demand for "safe haven" assets. Traders are closely monitoring events in the Middle East, fearing the escalation of conflicts in the region.

Uncertainty surrounding the outcome of the US presidential election also buoys the demand for the precious metal. According to JPMorgan analysts, a Republican victory would likely provide further support for gold, given the potential for increased budget problems in the United States, as well as inflationary risks, geopolitical tensions, and trade disputes.

Another factor contributing to the rise in gold prices is the easing of monetary policies by central banks worldwide.

Vivek Dhar, an analyst at Commonwealth Bank of Australia, believes that the price of gold will reach $3,000 per ounce in the fourth quarter of 2025. The potential weakening of the US dollar as a result of the Federal Reserve's monetary policy easing will be a key factor in supporting gold prices, according to the expert.