U.S. election anxieties push gold towards its best month in seven
U.S. PCE, weekly jobless claims data due at 1230 GMT
Gold hits record high of $2,790.15/oz earlier in the session
Silver up over 7% for the month
Palladium on track for biggest monthly gain since Jan 2022
Recasts as of 0841 GMT
By Anushree Mukherjee
Oct 31 (Reuters) - Gold prices eased on Thursday but were just shy of a record high, heading for their best month in seven as a hotly-contested U.S. presidential election race sparked safe-haven demand, while the focus is also on the release of a key U.S. inflation print.
Spot gold XAU= was down0.3% at $2,777.10 per ounce by 0841 GMT, after hitting a record high of $2,790.15 earlier in the session. Prices have firmed nearly 6% for the month so far.
U.S. gold futures GCv1 dipped 0.4% to $2,789.00.
Opinion polls are too close to call a winner between Republican former U.S. President Donald Trump and Democratic Vice President Kamala Harris in the highly anticipated final phase of the U.S. election.
Underlying forces spurring demand for gold includegeopolitical tensions and uncertainties about the outcome of the election, with the market remaining in a "buy-on-dips" mode, said StoneX analyst Rhona O'Connell.
"Gold and the (U.S.)dollar are acting together as safe-havens, which is not unusual in times of strife." USD/
Gold is considered a safe investment during economic and geopolitical turmoil.
Investors are now awaiting U.S. core personal consumption expenditures (PCE) and weekly jobless claims data, due at 1230 GMT, while the payrolls report is on Friday.
"Now, the pace of (U.S)rate cuts will be crucial for the gold market," analysts at ANZ said in a note.
Traders see a 96% chance of a quarter-basis-point rate cut next week. FEDWATCH
Lower rates improve the appeal of non-yielding bullion.
UBS expects gold to rise to $2,800 by end of this year and to $3,000 by end-2025.
On Thursday,spot silver XAG= fell 0.7% to $33.57 per ounce and was up more than 7% for the month.
Platinum XPD= shed 0.4% to $1,004.25. Palladium XPT= was down 1.5% at $1,129.92, headed for its best month since January 2022.
Gold's monthly performance https://tmsnrt.rs/3AtcETm
Reporting by Anushree Mukherjee in Bengaluru
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