Gold prices have continued their upward trajectory, reaching a new record high due to strong momentum amid U.S. political uncertainty, geopolitical tensions in the Middle East, and global central banks' easing policies, which are driving ongoing demand for gold as a safe haven.

With the US presidential election just over two weeks away, polls suggest that former President Donald Trump's chances of winning are increasing. This possibility is prompting investors to seek more safe-haven assets like gold to hedge against potential controversial policies he might implement, which could impact inflation, monetary policy, and global trade. Additionally, the persistent geopolitical tensions in the Middle East are supporting gold prices, as demand for safe haven assets grows with no clear signs of de-escalation in the near term. Furthermore, the easing monetary policies introduced by several central banks are positively influencing gold demand and may continue to support it in the medium and long term.

The outlook for gold appears well-supported to continue rising, despite a stronger US dollar and yields that might slightly cap its advance. Federal Reserve officials are calling for a less aggressive rate-cutting cycle, which could also influence gold prices.

In this regard, gold could reach $ 3000 /oz in 2025 if current market conditions don’t change. The market could see its next major resistance at 2812.50 dollars.