Sharjah24 - Reuters: Gold traded in a tight range on Wednesday as market participants awaited more U.S. economic data to determine the number of rate cuts the Federal Reserve is likely to deliver in the near term.
Spot gold rose 0.2% to $2,667.01 per ounce by 0511 GMT and was $18 shy of a record high hit last month. U.S. gold futures gained 0.2% to $2,683.50.
"The game changer in gold prices is the U.S. monetary policy easing as it sets the stage for investment demand," said ANZ commodity strategist Soni Kumari. [US/]
"The uncertainly surrounding U.S. elections and geopolitical tensions will also support gold going forward."
Zero-yielding bullion tends to be a preferred investment in a low interest rate environment and during geopolitical turmoil.
Spot gold poised to revisit its Sept. 26 high of $2,685 as it has broken resistance at $2,666, according to Reuters technical analyst Wang Tao.
Investors are looking forward to U.S. retail sales, industrial production and weekly jobless claims data, due on Thursday, for fresh cues on the Fed's monetary easing cycle.
Traders are pricing in a 97.2% chance of a 25 basis-point Fed rate cut in November.
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