Berlin — Austria’s far-right Freedom Party (FPO) emerged Monday as the winners in national parliamentary elections, marking a first victory for a far-right Austrian party since World War II. The Freedom Party, led by Herbert Kickl, secured 29.2% of the vote, topping the center-right Austrian People’s Party with 26.5% and the Social Democrats with 21%.

The far-right win reflects a broader European trend of rising popularity for nationalist, anti-immigration parties, fueled by public frustration over issues including inflation, the war in Ukraine and rising migrant populations.

Kickl’s party has drawn widespread attention for its anti-immigrant, nationalist rhetoric, with the party campaigning on a vow to seal the country’s borders to create “Fortress Austria.”

The Freedom Party has promised a crackdown on immigration, including the forced “remigration” of non-Austrian nationals and stricter control over asylum laws. Kickl, a former interior minister, has also been critical of Austria’s participation in international sanctions against Russia over its invasion of Ukraine.

The party leader has promised to lead Austria as a “Volkskanzler,” or chancellor of the people — a term used by the German Nazi party to refer to Adolf Hitler. His campaign leaned heavily on nationalist sentiment, with promises to restrict immigration and distance Austria from European Union policies on Ukraine and Russia.

The results of Austria’s vote largely mirror the trend seen in recent elections in neighboring Germany, where the far-right Alternative for Germany (AfD) party made significant gains. The AfD won big in rural areas in Germany’s state elections, taking more than 30% of the vote in the states of Thuringia and Saxony.

Despite its victory, the Freedom Party did not win anywhere near enough of the vote to form a new government on its own, so it will need to find partners to build a governing coalition. That is certain to prove a challenge.

Austria’s other major parties, including the center-right FPO and the Social Democrats, have already said they will not form a coalition with the far-right, raising doubts about the path to power for Kickl’s party. Without a coalition partner, the Freedom Party may struggle to build the necessary majority in parliament to for the next government.

The same situation is faced by the AfD in Germany, where the party’s rise has been met with firm opposition from the established parties, making it difficult for them to participate in government.

The election results also highlight the decline of the center-right in Austria, which has been in power in various coalitions for the last decade.

Current Chancellor Karl Nehammer, who led the People’s Party to second place on Sunday, saw his party lose significant ground compared to its 2019 results, as many Austrians appeared to blame the center-right movement for Austria’s economic challenges and some controversial policies, including a temporary COVID vaccine mandate.

Germany’s Chancellor Olaf Scholz and his Social Democrat SPD also saw their popularity wane in the recent state elections in the eastern states of Saxony and Thuringia.

Kickl’s ascent has not been without controversy, including allegations during his tenure as interior minister that the FPO was involved in the 2019 “Ibiza Affair,” a corruption scandal that brought down the Freedom Party’s last coalition government with the center-right.

But he has, since then, helped rebuild the party’s reputation – much like the AfD in Germany, in part by positioning it as a defender of national sovereignty and staunch critic of the EU.

Both Kickl and his counterparts in Germany now face major hurdles in converting their electoral success into governance.

Gold continues to attract investors in today’s unpredictable economy. This year, the precious metal has repeatedly broken price records as people look for ways to protect their wealth. With inflation concerns and global uncertainties on the rise, gold’s role as a safe haven investment is particularly strong now.

In September, the price of gold hit another all-time high. Now, as we enter October, many are asking: Will this upward trend keep going? Or are we due for a price drop?

To get an idea of what might happen next, we talked to three top financial advisors. Their predictions for October’s gold prices could help you make smarter investment choices, whether you’re a seasoned buyer or beginner to the gold market.

Start by exploring your top gold investment options here now.

Here’s the gold price forecast for October 2024

As we step into October, gold seems poised for further gains, with forecasts ranging from $2,600 to $2,800 per ounce. This optimistic outlook builds on gold’s impressive climb since the start of the year.

Henry Yoshida, certified financial planner and co-founder of Rocket Dollar predicts that “gold prices will likely continue to climb steadily.” He points to potential central bank purchases and expected Fed rate cuts as key drivers. His bullish forecast of $2,800 per ounce reflects strong confidence in gold’s upward momentum.

While Yoshida looks to monetary policy, Will Rhind, CEO of investment company GraniteShares, finds inspiration in historical trends. “Gold prices have appreciated an average of 8.5% in the six months following a rate cut of 50 basis points,” he notes, referencing data since 2020. This pattern fuels his forecast of $2,700 by month’s end.

Jerry Prior, COO and senior portfolio manager at Mount Lucas Management, has a more measured view. He sees gold holding steady between $2,600 and $2,700 in October. “We see no reason to sell gold here,” he asserts, pointing to the Fed’s supportive rate path as a key reason.

Get invested in gold now while the price is still affordable.

Key factors driving gold prices

Despite varying gold price forecast predictions, our experts agree on one thing: Gold’s upward trend is likely to continue. But what’s driving this golden opportunity? Here are three factors:

• Interest rate shifts: Yoshida highlights that as interest rates fall, various markets are seeing a boost. He expects gold to follow this trend, benefiting from the changing rate environment.
• Global uncertainties: Geopolitical tensions are high right now with the looming U.S. election and ongoing conflicts abroad. Rhind notes that “increasing geopolitical tensions in the Middle East and Ukraine” drive gold demand.
• Dollar dynamics: “As the Fed has moved toward rate cuts, the dollar has weakened and gold has trended higher,” Prior observes. This inverse relationship between gold and the greenback often propels gold prices when the dollar dips.

What October’s gold outlook means for investors

October’s gold outlook presents both opportunities and challenges for investors.

We’ll soon see more economic data such as what the job market is looking like. “If jobs numbers continue to deteriorate, you may see that reflected in a higher gold price as expectations for the Fed to cut rates more aggressively might rise,” Rhind says.

Besides the job market, Rhind advises keeping an eye on the U.S. dollar’s performance, as these could also sway the price of gold. “If interest rates continue to fall, that should benefit gold prices,” he explains.

If you’re considering gold investments, Yoshida offers strategic advice. “Consider purchasing physical gold within a tax-deferred vehicle such as an IRA,” he says.

Going the gold IRA route means you don’t have to worry about capital gains taxes right away. This tax break can help your investment grow more over time, whether you’re investing in gold or other assets. In the long run, this approach could lead to better returns on your investment.

Yoshida also recommends that long gold investors maintain their positions, while those new to gold or underinvested should think about increasing their allocation.

Remember that gold can act as a buffer against stock market volatility. “If stocks go through another bout of volatility, that could benefit gold due to uncertainty,” Rhind points out. This highlights gold’s role in diversifying and stabilizing investment portfolios, especially during turbulent economic times.

The bottom line

Gold’s potential for growth in October looks promising, but smart investing goes beyond short-term forecasts. “Gold should be part of every diversified portfolio for risk management purposes rather than speculation,” Rhind says. Think of gold as an insurance policy for your investments — it’s better to have it before you need it.

If you want to add gold to your portfolio this fall, start by talking to several financial advisors. They can help you explore different options, including physical gold and ETFs, and discuss strategies such as dollar-cost averaging.