Ammon News - Gold rose on Thursday to hover below record levels, underpinned by uncertainty surrounding the U.S. election and expectations of more rate cuts by major central banks, while investors looked forward to a slew of U.S. data for further direction.

Spot gold rose 0.2% to $2,679.12 per ounce by 0458 GMT. Prices had climbed to a session high of $2,685.16 on Wednesday, shy of the record $2,685.42 scaled on Sept. 26.

U.S. gold futures gained 0.1% to $2,694.70.

Traders see a 92% chance of a 25-basis-point rate cut by the U.S. central bank next month.

The European Central Bank is likely to lower rates again, arguing inflation in the euro zone is now increasingly under control.

British inflation slowed sharply last month, which reinforced bets on a Bank of England rate cut next month.

Lower interest rates and geopolitical tensions tend to boost bullion, which is considered a safe asset and yields no interest.

Safe-haven buying has also been driven by increasing geopolitical risks amid elevated tensions in the Middle East, said Daniel Hynes, senior commodity strategist at ANZ.

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

Reuters