Gold continues to increase in price due to many support factors

Gold prices increased while the US economy showed signs of slowing down faster than expected. US GDP growth in the third quarter only reached 2.8%, lower than the 3% recorded in the previous quarter.

The growth figure is lower than expected, making many people believe that the US Federal Reserve (Fed) will consider accelerating the pace of interest rate reduction to further support the economy. The USD is likely to weaken. The cash flow could also ease the decline in the US vote market.

Gold is a commodity that benefits when interest rates decrease. However, 2.8% is still considered a quite positive growth tool. The impact of this information on the USD is not much.

Currently, gold is considered to be able to continue to increase and set new peaks, possibly reaching 2,800 USD/ounce when the US election has many unpredictable things. Tensions in the Middle East are still quite high, while Japan has recently fallen into a political crisis after the country's ruling coalition lost the majority of seats in parliament.