Trump assassination attempt lifts gold

7.15.24 - Trump assassination attempt lifts gold

Gold last traded at $2,421 an ounce. Silver at $30.65 an ounce.

How the Trump assassination attempt is helping lift gold prices toward record highs -MarketWatch

Gold futures climbed closer to fresh record highs on Monday, as the assassination attempt on former President Donald Trump raised political uncertainty, boosting safe-haven demand for the precious metal.

The assassination attempt is "on everyone's mind ... so it stands to reason that political uncertainty is playing into the picture here," said Jake Hanley, managing director and senior portfolio specialist at Teucrium Trading.

"Was the assignation attempt the mass unifying event America desperately needs? We'll see," Hanley said. "A unified American electorate committed to getting our fiscal house in order would likely be bearish [for] gold. Status quo means continued deficit spending and potential domestic unrest," which is also bullish for gold.

Gold futures rallied Monday, but gains for the precious metal eased as the session moved closer to the settlement. Gold for August delivery GC00, +0.23% GCQ24, 0.23% traded as high as $2,445 an ounce on Comex before settling at $2,428.90, up $8.20, or 0.3%.

Based on the most-active contracts, prices traded near the previous record-high finish of $2,438.50 on May 20. On an intraday basis, prices have yet to surpass the record-high intraday price of $2,454, which was also seen on May 20.