On Thursday (October 17),Forex dealer with the lowest transaction fee due to the worsening situation in the Middle East and the increased uncertainty of the U.S. election, investors turned to safe-haven assets, driving gold prices significantly higher. The price of spot gold rose by $19.15 on the day, closing at $2,692.74 per ounce, with an intraday high of $2,696.77 per ounce, setting a new record.

In addition to the gold market being supported by geopolitical tensions, the global economic environment also had a significant impact on gold prices. The Federal Reserve's previous rate cuts further reduced the opportunity cost of holding gold, enhancing its attractiveness in investment portfolios. With the possibility of further rate cuts by the Fed in the future, the market remains optimistic about the potential of gold prices, and analysts predict that within the next 12 months, gold prices may rise to around $3,000 per ounce.

Meanwhile, Israel announced on the same day that it successfully killed Hamas leader Sinwar, further escalating tensions in the Middle East and causing concern over geopolitical uncertainties in the market. In this situation, the demand for safe-haven assets such as gold and U.S. Treasury bonds will continue to increase.

Despite the rise in U.S. Treasury yields and the dollar index, gold has shown its strong resilience to declines, reflecting investors' unease about the global economic and political environment. With the U.S. election approaching, global economic growth slowing, and inflationary pressures increasing, fluctuations in gold prices will continue to be closely watched by the market.

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.