02:00 PM EDT, 10/30/2024 (MT Newswires) -- (Updates prices.)

Gold rose to a fresh record high midafternoon on Wednesday, spurred on by continued safe-haven buying ahead of the U.S. election, while a report showed an unexpectedly large rise in U.S. private-sector employment.

Gold for December delivery was last seen up US$20.00 to US$2,801.10 per ounce, rising off Tuesday's record close of US$2,781,10.

Concerns over the outcome of the Nov.5 U.S. presidential election are keeping safe-have demand for the metal high, as polls show a tight race between Kamala Harris and Donald Trump amid starkly different economic platforms from the two candidates. Trump is proposing to impose tariffs on much of the country's imports, which could raise inflation and disrupt global trade, while Harris is expected to mostly continue the Biden Administration's policies.

"Gold reached a fresh record near USD 2,800, supported by continued uncertainty about the US election outcome," Saxo Bank noted.

The metal is also supported by falling interest rates, with the Federal Reserve expected to continue lowering rates. The central bank is seen cutting rates by 25 basis points at the Nov.7 end to the two-day meeting of its policy committee even as a report showed a 233,000-position rise in private-sector employment in October, well above expectations for am increase of 113,000 jobs, according to Marketwatch.

Treasury yields were mixed following the employment report, with the U.S. two-year note last seen up 4.8 basis points to 4.152%, while the 10-year note was paying 4.262%, up 0.3 points.

The ICE dollar index was down 0.3 points to 104.02.