Fundamentals
* Spot gold was up 0.1% at $2,738.29 an ounce by 0012 GMT. Bullion hit a record high of $2,790.15 on Thursday.
* US gold futures were flat at $2,747.50.
* As Tuesday’s US presidential election approaches, opinion polls show a tight race between Democratic candidate Kamala Harris and Republican Donald Trump, which could significantly influence bullion prices.
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* This week, market participants will focus on the Federal Reserve’s decision to cut interest rates and comments from Fed Chair Powell and other Fed officials.
* Currently, traders expect a 98% chance of a quarter-basis-point Fed rate cut this week, the CME FedWatch tool shows.
* Gold is considered a safe investment during economic and geopolitical upheavals due to its ability to store value; It thrives in a low interest rate environment.
* Data on Friday showed US job growth nearly stalled in October as a strike in the aerospace industry cut manufacturing jobs and hurricanes shortened the payroll collection period.
* On the physical front, gold demand in India picked up last week amid festive shopping, although volumes were lower than normal due to record-high prices.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.35% to 888.63 tonnes on Friday.
* Spot silver rose 0.4% to $32.5443 an ounce, platinum fell 0.1% to $991.72 and palladium gained about 1% to $1,108.36.
Data/Events (GMT) 0850 France HCOB Manufacturing PMI Oct 0855 Germany HCOB Mfg PMI Oct 0900 EU HCOB Mfg Final PMI Oct 1500 US Factory Orders MM Sep
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