Market expects Fed to cut rates by 25 bps on Thursday
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Nov 6 Reuters Gold prices were largely flat on Wednesday as investors keenly awaited the outcome of a tightlycontested U.S. presidential race.

Spot gold slipped 0.1 to 2,740.28 per ounce, as of 0545 GMT. Bullion hit a record high of 2,790.15 last Thursday.

U.S. gold futures were little changed at 2,749.00.

Republican Donald Trump defeated Democrat Kamala Harris in the key battleground states of North Carolina and Georgia in Tuesday39;s U.S. election, according to projections by Edison Research, bringing him closer to an unexpected political comeback.

It39;s 95 about the U.S. election this week, with a 5 splash of the Federal Reserve to add a touch of spice, said Kyle Rodda, financial market analyst at Capital.com.

Gold is a part of the Trump trade and in the long term ought to benefit from a Trump victory, mostly due to the impacts of huge deficit spending but also because of potentially more uncertain U.S. foreign policy, said Rodda.

Traders are also awaiting the Fed39;s twoday policy meeting, which concludes on Thursday, and Chair Jerome Powell39;s remarks for further directions on interest rates.

Markets broadly expect the Fed to announce a quarterpoint rate cut this week after the bumper 50 bps reduction in September.

While markets expect a 25bp cut this week, the Fed may avoid a dovish tone due to the…