BENGALURU- Gold rose on Thursday to hover below record levels, underpinned by uncertainty surrounding the US elections and expectations of more rate cuts by major central banks, while investors looked forward to a slew of US data for further direction.
Spot gold rose 0.3 percent to $2,682.14 per ounce by 0221 GMT. Prices had climbed to a session high of $2,685.16 on Wednesday, shy of the record $2,685.42 scaled on Sept. 26.
US gold futures gained 0.2 percent to $2,697.40.
“Investors are seeking safe-haven gold as a hedge amid uncertainty over the US elections. A Trump presidency should support gold as it might raise trade tensions and widen the budget deficit,” said Kelvin Wong, OANDA’s senior market analyst for Asia Pacific.
“In the very short term, prices could face resistance at $2,700 levels.”
Republican presidential candidate Donald Trump on Tuesday defended his protectionist trade policies and other fiscal proposals.
The US retail sales and industrial production data for September, as well as weekly jobless claims data, are all due later in the day.
