Traders see 92 chance of 25 bp cut in November
Weak US data could boost gold prices further analyst
US retail sales, weekly jobless claims due later in the day
Oct 17 Reuters Gold hit an alltime high on Thursday, steered by uncertainty surrounding the U.S. election and expectations of more interest rate cuts by major central banks, while spotlight shifted to a slew of U.S. data.
Spot gold rose 0.3 to 2,680.19 per ounce by 0458 GMT, after hitting a record high of 2,685.60 earlier in the session.
U.S. gold futures gained 0.2 to 2,695.90.
Investors are seeking safehaven gold as a hedge amid uncertainty over the U.S. election. A Trump presidency should support gold as it might raise trade tensions and widen the budget deficit, said Kelvin Wong, OANDA senior market analyst for Asia Pacific.
Republican presidential candidate Donald Trump on Tuesday defended his protectionist trade policies and other fiscal proposals.
The U.S. retail sales for September and weekly jobless claims data are due later on Thursday.
Investors will scrutinize data and if it comes below expectations, it could drive gold further up… Lower rate prospects globally are helping as they reduce the cost of holding bullion, Wong added.
Traders see a 92 chance of a 25basispoint rate cut by the U.S. central bank next month.
The European Central Bank is likely to lower rates for the third time this year. While, British inflation slowed sharply last month, which reinforced bets on a Bank of…