Safe-haven gold hits record high on global uncertainties
Israel confirms death of heir apparent to slain Hezbollah leader
Traders see a 89% chance of a 25 bps U.S. rate cut in November
Silver's physical shortage provides strong support -analyst
Adds graphic, updates prices as of 0748 GMT
By Rahul Paswan
Oct 23 (Reuters) -Gold prices surged to a record high on Wednesday, as conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets.
Spot gold XAU= was trading at $2,754.25 per ounce as of 0748 GMT, after hitting an all-time high of $2,755.30 earlier in the session.
U.S. gold futures GCv1 were up 0.3% at $2,768.40.
"Both presidential candidates are proposing inflationary policies, which will be very supportive for gold. While some of this is priced in, it will also provide ongoing support for higher prices," Michael Langford, chief investment officer at Scorpion Minerals, said.
Bullion is considered a hedge against economic and geopolitical uncertainties.
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.
In the Middle East, Israel confirmed it had killed Hashem Safieddine, the heir apparent to late Hezbollah leader Hassan Nasrallah who was killed last month.
Meanwhile, the U.S. Federal Reserve started its rate-easing cycle with a 50-basis-point cut last month. The odds of a similar move in November have faded entirely, but traders see an 89% chance of a quarter-basis-point cut, the CME FedWatch tool showed. Lower rates improve the appeal of non-yielding bullion.
"Gold has scaled new highs despite real and nominal yields edging higher, the dollar strengthening and U.S. equity markets scaling new highs," analysts at Standard Chartered said in a note. US/ USD/
"Gold’s ability to latch on to coat tails that take prices higher irrespective of the macro backdrop suggests that the market continues to see positive underlying flows."
Spot silver XAG= fell 0.4% to $34.68 per ounce, after hitting its highest since late 2012 at $34.87 in the previous session.
"Silver's physical shortages provide strong support for the metal," Langford said.
Platinum XPT= rose 0.4% at $1,033.13 while palladium XPD= was down 0.2% to $1,074.11.
Spot gold price in USD per oz https://reut.rs/48eI6RT
Gold's RSI at 76 https://tmsnrt.rs/3BTOyln
Reporting by Rahul Paswan and Ashitha Shivaprasad in Bengaluru; editing by Sumana Nandy and Jason Neely
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