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GOLD: Gold Hits New Record High On US Election Uncertainty & Expected Rate Cuts

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Spot gold rose to a fresh record high of $2,782/oz today amid on-going safe haven demand ahead of the US election, with polls continuing to point to a close outcome and betting putting Trump well ahead. Upcoming key US data is also driving bullion higher. The USD index is flat.

  • The yellow metal is currently up by 0.1% on the day to $2777.50, just below the intraday high and above resistance at $2,767.1, a Fibonacci projection point. Above here, sights are on the $2,800.0 handle next.
  • Analysts at Saxo Bank note that gold trades are up given prospects of Trump 2.0, which may bring greater policy disruption, trade tariffs and increased geopolitical risk.
  • Later the advanced release of US Q3 GDP and October ADP employment are out. GDP is forecast to rise 2.9% q/q saar, in line with Q2. Payrolls on Friday are a focus but are likely to be impacted by recent hurricanes. The Fed is expected to cut rates 25bp on November 7 and gold has rallied on expectations of further easing.
  • The October European commission survey, preliminary Q3 German/French GDP and October German/Spain CPIs print. The ECB’s Schnabel and BoC’s Macklem speak, and the UK budget is announced. 
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Spot gold rose to a fresh record high of $2,782/oz today amid on-going safe haven demand ahead of the US election, with polls continuing to point to a close outcome and betting putting Trump well ahead. Upcoming key US data is also driving bullion higher. The USD index is flat.

  • The yellow metal is currently up by 0.1% on the day to $2777.50, just below the intraday high and above resistance at $2,767.1, a Fibonacci projection point. Above here, sights are on the $2,800.0 handle next.
  • Analysts at Saxo Bank note that gold trades are up given prospects of Trump 2.0, which may bring greater policy disruption, trade tariffs and increased geopolitical risk.
  • Later the advanced release of US Q3 GDP and October ADP employment are out. GDP is forecast to rise 2.9% q/q saar, in line with Q2. Payrolls on Friday are a focus but are likely to be impacted by recent hurricanes. The Fed is expected to cut rates 25bp on November 7 and gold has rallied on expectations of further easing.
  • The October European commission survey, preliminary Q3 German/French GDP and October German/Spain CPIs print. The ECB’s Schnabel and BoC’s Macklem speak, and the UK budget is announced.