Gold Peaks Amid Global Economic Jitters

Gold prices reached unprecedented levels while the dollar continued its ascent, impacting other currencies like the yen and euro. Investors were cautious ahead of the U.S. election. Signs suggest the Federal Reserve will proceed cautiously with rate cuts, supporting the dollar and influencing global markets.

Gold prices soared to a record high, driven by global economic uncertainties and an upcoming U.S. election that has investors treading carefully. The persistent rise of the dollar has exerted pressure on the yen and euro, with Asian stocks edging slightly higher.

U.S. Treasury yields touched a three-month peak as expectations shifted regarding the Federal Reserve's rate cuts, which may proceed at a more measured pace than previously anticipated. This spurred a climb in the dollar's value against various currencies.

Meanwhile, China's markets showed promise with government economic support, although the impact remains unclear. Across Europe, a subdued mood prevailed, with indices showing marginal changes.

(With inputs from agencies.)