Global gold prices rose during these moments of trading on Thursday, as they hover near their highest levels ever, supported by the uncertainty surrounding the US elections and expectations of interest rate cuts by major central banks, while investors look to a series of US data to determine the next direction.

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

Republican presidential candidate Donald Trump on Tuesday defended his protectionist trade policies and other fiscal proposals.

US retail sales, industrial production and weekly jobless claims data for September are due later today.

Investors will be scrutinizing the data and if it comes in below expectations it could push gold higher further... as the prospect of lower global interest rates helps lower the cost of holding bullion, Wong added.

Traders expect a 25 basis point rate cut by the US Federal Reserve next month by 92%, according to the US interest rate tracking tool available on Investing Saudi Arabia.

The European Central Bank is likely to cut interest rates again, arguing that inflation in the eurozone is now increasingly under control, with the decision due this afternoon.

UK inflation slowed sharply last month, boosting bets on a Bank of England interest rate cut next month.

Low interest rates and geopolitical tensions tend to boost gold, which is considered a safe haven asset that does not pay any interest.

Safe-haven buying was also driven by heightened geopolitical risks amid rising tensions in the Middle East, said Daniel Hynes, chief commodity strategist at ANZ Bank.

Gold at settlement yesterday

Gold futures extended gains on Wednesday as U.S. Treasury yields fell ahead of Thursday's U.S. retail sales data to test expectations for future monetary easing.

At the settlement of trades, gold futures for December delivery rose by 0.45%, or $12.4, to $2,691.30 per ounce.

Gold and dollar now

Spot gold rose 0.2% to $2,679.12 an ounce. Prices had risen to a session high of $2,685.16 on Wednesday, just below the record $2,685.42 hit on Sept. 26.

US gold futures rose 0.1% to $2,694.70.

On the other hand, the US dollar index contracts are stable at 103.41 points.

Other minerals

Spot silver rose 0.3% to $31.57 an ounce. Platinum rose 1.1% to $1,004.10 an ounce, and palladium fell 0.1% to $1,022.14 an ounce.