Gold prices reached a record high during trading in Asian markets as investors assessed new U.S. economic data and considered potential market impacts from the upcoming presidential election. The price of gold slightly increased, reaching $2,774.89 per ounce, surpassing the previous day's record.
Investors are evaluating a report indicating that U.S. job vacancies have dropped to their lowest level since early 2021. This data contrasts with the strong September employment report, which led traders to reduce bets on significant future interest rate cuts by the Federal Reserve. Generally, higher borrowing costs are unfavorable for precious metals.
The uncertainty surrounding the closely contested U.S. presidential election underscores gold's status as a safe-haven asset. As of early Singaporean trading hours, spot gold remained steady at $2,773.24 per ounce.
