By Anushree Mukherjee

(Reuters) – Gold prices were near all-time highs on Tuesday, supported by U.S. election uncertainty and expectations of an interest rate cut by the U.S. Federal Reserve in November, while the focus also on a series of economic data.

Spot gold rose 0.3 percent to $2,750.87 an ounce as of 1114 GMT, close to a record high of $2,758.37 hit last Wednesday.

U.S. gold futures gained 0.3 percent to $2,763.40.

“Gold bulls appear to be taking advantage of the recent lull in the rise of the US dollar and yields, while still enjoying tailwinds from Fed rate cut expectations and US election risks,” said Han Tan, chief market analyst at Exinity Group.(USD/ )(NE/)

“Gold should maintain its uptrend and could even flirt with $2,800 in the coming days, as long as US election risks continue to weigh on market sentiment, while Fed rate cut expectations remain intact.”

With the Federal Reserve’s rate decision due on November 7, investors will be closely watching US jobs at 14:00 GMT, ADP hiring on Wednesday, US personal consumption expenditure on Thursday and payrolls reports on Friday to assess their influence on the movement of the US central bank. .

Markets are pricing in about a 95% chance of a 25 basis point rate cut by the Fed in November, according to CME’s FedWatch tool.

Bullion thrives in a low interest rate environment and is seen as a hedge against political and economic uncertainty.

The race between Republican Donald Trump and Democrat Kamala Harris remains tight ahead of the Nov. 5 presidential election.

Technically, the RSI currently at 69 suggests that the price of gold is approaching “overbought” territory, starting at 70.(TECH/C)

Spot silver was up 1.3% at $34.13 an ounce, and platinum was up 1.8% at $1,051.25.

Palladium rose 1.4% to $1,236.00 after hitting a 10-month high on concerns over sanctions on top producer Russia.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Jason Neely)