Spot gold was steady at $2,786.89 an ounce as of 0254 GMT, after touching a record high of $2,790.15 earlier in the session. Prices are 6% stronger for the month so far.
US gold futures fell 0.1% to $2,797.80.
The November 5 US election has entered its crucial final phase, with opinion polls signaling a close battle between Republican former US President Donald Trump and Democratic Vice President Kamala Harris to claim the winner.
“The rise in gold looks like one of Trump’s deals, or effectively a hedge against more deficit spending in the United States,” said Kyle Rodda, financial market analyst at Capital.com.
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Investors will focus on key personal consumption expenditure (PCE) data due at 1230 GMT. The September core PCE price index is expected to rise 0.3% following August’s 0.1% gain.
“Traders want to buy gold, whether it rises or falls, and that has kept the retracement short and the consolidation tight. And if PCE inflation comes in at 0.2% m/m or lower, the trend looks set to stay higher,” Matt Simpson said. said. Analyst of City Index.
US weekly jobless claims, due later in the day, and Friday’s payrolls report are also on the radar.
Traders see a 96% chance the Fed will cut short-term borrowing costs by a quarter-point next week.
Bullion is considered a safe investment during economic and geopolitical uncertainties and thrives in low interest rate environments.
Spot silver was down 0.3% at $33.68 an ounce, platinum was flat at $1,008.68 and palladium was down 0.6% at $1,141.00. All three metals were on track for monthly gains.
Manufacturing activity in major metals consumer China expanded for the first time in six months in October, an official factory survey showed, supporting policymakers’ optimism that recent fresh stimulus will get the economy back on track.
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