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Gold rates hover near record peak on United States election jitters

Gold rates lingered near record highs on Tuesday, supported by uncertainty surrounding the upcoming U.S. presidential election, while investors awaited key economic data for ideas on the Federal Reserve's rate of interest trajectory.

Area gold was up 0.5% at $2,755.42 per ounce, since 0226 GMT. Rates struck a record high of $2,758.37 last Wednesday.

U.S. gold futures got 0.4% to $2,768.10.

The lead-up to the approaching U.S. elections may continue to deal traction for its status as a hedge versus market turbulence, additional supported by a momentary breather in the U.S. dollar and Treasury yields overnight, IG market strategist Yeap Jun Rong stated.

While stronger economic information might support more persistence in Fed's relieving procedure, we might anticipate gold prices to remain supported, with rate expectations well-anchored around a smaller 25 basis point in November.

With simply eight days until the Fed's rate decision, a series of critical events is set to influence the U.S. reserve bank's. option.

Information today features U.S. job openings due at 1400 GMT,. ADP employment on Wednesday, U.S. Personal Usage. Expenditures on Thursday, and payrolls report on Friday. Then. comes Nov. 5, the day Americans go to the polls to elect a brand-new. president.

Markets are pricing in about 98% possibility of a 25-basis-point. rate cut by the Fed, according to CME's FedWatch Tool.

Lower rates minimize the opportunity cost of holding gold,. which is also viewed as a safe property during times of financial and. political turmoil.

Elsewhere, a minimum of 60 people were eliminated and dozens injured. in Israeli strikes on Lebanon's eastern Bekaa Valley, 2. security sources and the mayor of Baalbek told Reuters.

Spot silver was up 1.2% at $34.0875 per ounce,. palladium rose 1.4% to $1,047.05, platinum included. 0.8% to $1,228.00.

(source: Reuters)