Gold has risen more than 32 so far this year
Traders see an 89 chance of US rate cut in November
Citi raises 6 to 12month forecast for silver to 40 from 38

Oct 22 Reuters Gold prices rose on Tuesday and hovered near a record high hit in the previous session, amid uncertainties around the U.S. election, the ongoing Middle East tensions and expectations of central banks cutting interest rates.

Spot gold rose 0.5 to 2,732.44 per ounce by 0545 GMT and U.S. gold futures rose 0.3 to 2,746.20.

Gold, considered a hedge against political and geopolitical uncertainty, hit its alltime high of 2,740.37 on Monday and has gained more than 32 so far this year.

A confluence of tailwinds remains in place for gold, which includes its status as an attractive hedge against U.S. election uncertainties and geopolitical risks, resilient central banks39; demand and room for catchup ETF buying, IG market strategist Yeap Jun Rong said.

Buyers may seem to eye the 2,800 level next, as political uncertainties will persist as the election draws nearer.

With the U.S. presidential election just over two weeks away, former President Donald Trump and Vice President Kamala Harris are caught in a knifeedge battle to win over some of the more competitive states.

Recently, Israel assassinated the leaders of Hezbollah in Lebanon and of Hamas in Gaza, while showing no signs of reining in its ground and aerial offensives.

Traders now see an 89 chance of a 25basispoint cut by the U.S. Federal Reserve…