Gold hovers near all-time peak

Gold bars

Gold prices gained ground today, Oct. 17, trading near an all-time high amid uncertainty about the US elections and anticipation of the coming US retail sales data.

Spot prices added 0.29%, or $7.60, to amount to $2,680.90 an ounce at 10:38 am Makkah time, approaching the $2,685.42/share record peak that the yellow metal had posted on Sept. 26.

Further, bullion for December delivery rose slightly by 0.16%, or $4.40, to $2,695.20 per ounce.

“Investors are seeking safe-haven gold as a hedge amid uncertainty over the US election. A Trump presidency should support gold as it might raise trade tensions and widen the budget deficit,” said Kelvin Wong, OANDA senior market analyst for Asia Pacific, Reuters reported.

Traders are awaiting US retail sales data, a key gauge of consumer demand, later today, which are expected to rise 0.3% in September after a 0.1% gain in August.

Elsewhere, silver prices fell 0.86% to $31.70 an ounce, with those of palladium also down 0.44% to $1,021.50 apiece. Meanwhile, platinum prices grew 0.55% to $1,008 per ounce.