Gold prices have risen to record highs, and US data is about to be released. Traders are also watching the increasingly tight US presidential election situation driving demand for safe-haven assets. At one point, the price of gold rose 0.5% to 2,685.74 US dollars per ounce, which is a few cents higher than the previous month's high. Gold has risen about 1% since the beginning of this week, and investors are adjusting their portfolios in less than three weeks until the US election. Although both candidates pose different risks to the economy, whether Trump or Harris wins, the price of gold is likely to be further supported. Traders are now turning their focus to upcoming US retail sales and unemployment data to find more clues about the pace of the Fed's interest rate cuts this year. The number of first-time jobless claims in the US is likely to remain high for the week ending October 12, and consumer spending is likely to increase moderately. Gold is often beneficial when interest rates are lower.

Gold prices have risen to record highs, and US data is about to be released. Traders are also watching the increasingly tight US presidential election situation driving demand for safe-haven assets. At one point, the price of gold rose 0.5% to 2,685.74 US dollars per ounce, which is a few cents higher than the previous month's high. Gold has risen about 1% since the beginning of this week, and investors are adjusting their portfolios in less than three weeks until the US election. Although both candidates pose different risks to the economy, whether Trump or Harris wins, the price of gold is likely to be further supported. Traders are now turning their focus to upcoming US retail sales and unemployment data to find more clues about the pace of the Fed's interest rate cuts this year. The number of first-time jobless claims in the US is likely to remain high for the week ending October 12, and consumer spending is likely to increase moderately. Gold is often beneficial when interest rates are lower.