- Gold prices rose globally during today's trading, Monday, the first session of the week, as investors flocked to the yellow metal as a safe haven after US President Joe Biden announced that he would not run for the upcoming elections.
- The most active August gold futures contract rose 0.33% to $2,406.90 per ounce, according to data from the US “Business Insider”.
- Spot gold rose 0.23% to $2,406.42 per ounce.
- Biden announced yesterday in a tweet on the social media platform “X” that he had decided to withdraw from the presidential elections scheduled for next November, and to nominate his vice president, “Kamala Harris,” as his replacement.
- Kyle Rodda, a financial market analyst, said that the prospects of monetary easing and the state of political turmoil in the US support the prices of the precious metal, adding, “The conditions are ripe for gold to witness a new record level before the end of 2024,” according to the CNBC network.
- As for other precious metals, silver contracts for September delivery settled at $29.32, and the spot platinum price fell 0.41% to $962.01 per ounce.
