Gold rose to a record on Wednesday on haven demand before the US election, and held a narrow gain after jobs and GDP data that showed the ongoing resilience of the US economy.
Bullion climbed as high as $2,789.86 an ounce, topping the
previous record posted on Tuesday, and was 0.3% higher after US
jobs data beat expectations, while GDP figures showed robust
growth in the economy over the third quarter.
The numbers should keep the Fed on track to continue cutting interest rates in the coming quarters, including at their meeting on Nov. 6-7. Lower borrowing costs are typically beneficial for the precious metal that doesn't offer any
interest.
The precious metal has surged by more than a third this year, aided by central-bank buying and haven demand due to
conflicts in the Middle East and Ukraine. The tight US presidential race between Kamala Harris and Donald Trump that's less than a week away is also front of mind for investors, with uncertainty over the outcome buoying haven purchasing.
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