Gold industry sees prices rising to 2,941oz over 12 months
Fed39;s Daly says cenbank likely on track for more rate cuts
Spot gold poised to revisit Sept 26 high of 2,685 technicals

Oct 16 Reuters Gold traded in a tight range on Wednesday as market participants awaited more U.S. economic data to determine the number of rate cuts the Federal Reserve is likely to deliver in the near term.

Spot gold rose 0.2 to 2,667.01 per ounce by 0511 GMT and was 18 shy of a record high hit last month. U.S. gold futures gained 0.2 to 2,683.50.

The game changer in gold prices is the U.S. monetary policy easing as it sets the stage for investment demand, said ANZ commodity strategist Soni Kumari.

The uncertainly surrounding U.S. elections and geopolitical tensions will also support gold going forward.

Zeroyielding bullion tends to be a preferred investment in a low interest rate environment and during geopolitical turmoil.

Spot gold poised to revisit its Sept. 26 high of 2,685 as it has broken resistance at 2,666, according to Reuters technical analyst Wang Tao.

Investors are looking forward to U.S. retail sales, industrial production and weekly jobless claims data, due on Thursday, for fresh cues on the Fed39;s monetary easing cycle.

Traders are pricing in a 97.2 chance of a 25 basispoint Fed rate cut in November.

San Francisco Federal Reserve Bank President Mary Daly said the central bank remains on track for more cuts this year as long as data meets expectations.

Atlanta…