Global uncertainties push safe-haven gold to record high
Oct 23 (Reuters) -Gold prices surged to a record high on Wednesday as the conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets.
FUNDAMENTALS
* Spot gold XAU= was little changed at $2,746.25 per ounce, as of 23:45 GMT, after hitting its highest level at 2749.07 earlier in the session.
* U.S. gold futures GCv1 were 0.1% higher to $2,761.4.
* Democratic U.S. Vice President Kamala Harris held a marginal 46% to 43% lead over Republican former President Donald Trump, a new Reuters/Ipsos poll found.
* Israel on Tuesday confirmed it had killed Hashem Safieddine, the apparent heir to Hezbollah leader Hassan Nasrallah, who was previously killed in an Israeli attack targeting the Iran-backed Lebanese militant group.
* Bullion is considered a hedge against geopolitical and economic uncertainties and it has gained over 33% this year, scaling multiple records.
* Elsewhere, the odds that the U.S. Federal Reserve will deliver a quarter-point cut at its Nov. 7 meeting are at 91.5%, according to CME's FedWatch tool.
* Meanwhile, the U.S. economy will continue to provide most of the thrust for global growth through the balance of this year and in 2025, the International Monetary Fund said on Tuesday.
* Spot silver XAG= fell 0.3% to $34.71 per ounce, after hitting its highest level since late 2012 at $34.87 in the previous session.
* Platinum XPT= rose 0.1% at $1,030 and palladium XPD= gained 0.4% to $1,079.75.
* Elsewhere, China's latest stimulus measures will not meaningfully boost domestic demand, leaving a major source of trade friction intact, the U.S. Treasury Secretary and International Monetary Fund Chief Economist Pierre-Olivier Gourinchas said. China is a key metals consumer.
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY Sept
1400 EU Consumer Confid. Flash Oct
1400 US Existing Home Sales Sept
Reporting by Anmol Choubey in Bengaluru; Editing by Alan Barona
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