Gold hit record high of 2,783.96oz
ADP employment report due at 1215 GMT
PGMs seen higher in 2025 on supply risks, stronger demand poll

Oct 30 Reuters Gold hit an alltime peak on Wednesday as investors flocked towards the safehaven metal with less than a week left for the U.S. presidential election, while they also awaited economic data for clues on the Federal Reserve39;s rate stance.

Spot gold rose 0.3 to 2,783.72 per ounce, as of 0545 GMT, after hitting an alltime high of 2,783.96 earlier in the session.

U.S. gold futures rose 0.5 to 2,795.60.

Gold is very much being anchored on the U.S. election outcome … In the near term, spot gold will face resistance at 2,800, then followed by 2,826, said Kelvin Wong, OANDA senior market analyst for Asia Pacific.

The Nov. 5 election has entered its final stretch, with recent polls indicating a fiercely competitive race between Donald Trump and Kamala Harris.

Another contributor to gold39;s record rally is expectations of additional U.S. interest rate cuts. Lower rates reduce the opportunity cost of holding zeroyield bullion.

Fed policymakers are nearly certain to deliver a quarterpoint reduction in shortterm borrowing costs next week, as a U.S. Labor Department report showed job openings dropped in September to their lowest level since January 2021.

If we see hot inflation numbers or a strong jobs report, then there could be a derailment in gold prices, Wong added.

Other major data due this week include the ADP…