US election uncertainty lifts gold prices to record high
Oct 30 (Reuters) -Gold touched a record high on Wednesday, with U.S. election jitters supporting bullion prices, while investors await a raft of U.S. economic data that could shed light on the Federal Reserve's interest rate trajectory.
FUNDAMENTALS
* Spot gold XAU= was up 0.1% at $2,778.27 per ounce, as of 0026 GMT. Bullion inched up to an all-time high of $2,778.79, marking a significant bullish run in the market.
* U.S. gold futures GCv1 rose 0.4% to $2,790.60.
* The Nov. 5 U.S. election has entered its final stretch, with uncertainty lifting bullion demand as opinion polls show the race to the White House remains tight.
* Data on Tuesday from the U.S. Labor Department's Job Openings and Labor Turnover Survey, or JOLTS, showed job openings fell to a more than 3-1/2-year low in September and data for the prior month was revised down, a sign of a continually cooling labour market.
* Additionally, U.S. consumer confidence, on the other hand, exceeded estimates with an October reading of 108.7, a nine-month high, up from 99.2 the previous month.
* Following the data, Fed policymakers are nearly certain to deliver a quarter-point reduction in short-term borrowing costs next week.
* Now attention will turn towards ADP employment due later in the day, U.S. Personal Consumption Expenditures, and payrolls report to further gauge the Fed's policy stance, with its next rate decision on Nov. 7.
* Bullion thrives in a low interest rate environment and is considered a hedge against political and economic uncertainty.
* At least 93 Palestinians were killed or missing in an Israeli strike in northern Gaza, the Gaza health ministry said.
* On the physical level, Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals starting on Tuesday, hoping bullion would continue to rally and deliver promising returns amid a cooling stock market.
* Spot silver XAG= gained 0.2% to $34.51 per ounce, palladium XPD= rose 0.5% to $1,050.42, while platinum XPT= fell 0.9% to $1,211.37.
DATA/EVENTS (GMT)
0630 France GDP Preliminary QQ Q3
0855 Germany Unemployment Chg SA Oct
0855 Germany Unemployment Rate SA Oct
0900 Germany GDP Flash QQ SA Q3
0900 Germany GDP Flash YY NSA Q3
1000 EU GDP Flash Prelim YY Q3
1000 EU GDP Flash Prelim YY Q3
1000 EU Consumer Confid. Final Oct
1230 US GDP Advance Q3
1300 Germany CPI Prelim YY Oct
1300 Germany HICP Prelim YY Oct
Reporting by Daksh Grover in Bengaluru; Editing by Sherry Jacob-Phillips
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