Safe-haven gold strengthens as Biden’s move sparks market uncertainty

Gold prices firmed as the dollar eased following U.S. President Joe Biden’s decision to withdraw from the 2024 presidential race. Investors turned to bullion as a hedge against an uncertain political and market outlook. Spot gold rose, while U.S. gold futures gained.

The prospect of rate cuts and political uncertainty in the United States are supporting gold prices. Conditions are in place for gold to see another record high before the end of 2024. Biden’s exit from the re-election race cleared the way for another Democrat to challenge Donald Trump, which led to the dollar easing and making bullion more attractive to buyers holding other currencies.

Find out more about why the gold strengthens here.