Gold was steady below a record high, with traders monitoring a tight US presidential election that could have a dramatic impact on economic policy.

Bullion traded near $2,740 an ounce after the latest raft of polling data showed no clear frontrunner in the race between Kamala Harris and Donald Trump ahead of the vote on Tuesday. The uncertainty has spurred a rush to haven assets, and many investors anticipate the precious metal could rise further — especially if the result is contested. 

Gold has surged by around a third this year on a combination of easing monetary policy, central-bank buying and elevated geopolitical tension, with the rally intensifying in the last couple of months. Trump is pledging a major increase in import tariffs, which could spur inflation and buoy demand for the precious metal.

Markets were also digesting a US jobs report released Friday that showed hiring advanced at the slowest pace since 2020 in October, while the unemployment rate remained low. The Federal Reserve is widely expected to cut interest rates by a quarter percentage point this week, following the election. Higher rates tend to weigh on gold, which doesn't pay interest. 

Spot gold was steady at $2,737.58 an ounce as of 8:20 a.m. in Singapore, after reaching an all-time high of $2,790.10 last week. The Bloomberg Dollar Spot Index fell 0.4%. Silver and palladium edged higher, while platinum was steady.

Source : Bloomberg