• Gold surges to $2,691, boosted by uncertainty surrounding US elections, despite robust Retail Sales and job data.
• US 10-year Treasury yield rebounds to 4.096%, capping Gold’s advance as the US Dollar Index reaches a two-month high.
• Traders trim bets on a Fed rate cut, with odds for a November 25 bps reduction dropping to 88.2%.

Gold price hit a record high during the North American session on Thursday, yet it failed to hit $2,700 amid uncertainty around US elections. Data-wise, the US economy remains resilient following Retail Sales and jobs data, though it didn’t weigh on the precious metal. At the time of writing, the XAU/USD trades at $2,691, up by over 0.66%.

The US Department of Commerce revealed that Retail Sales rose slightly above estimates. At the same time, the US Labor Department revealed data on fewer Initial Jobless Claims, which weighed on Bullion prices.

After the data, the US 10-year Treasury yield rebounded off its lows, rising eight basis points to 4.096%. The Gold price dipped to $2,672 but has recovered some ground, shrugging off broad US Dollar strength.

The US Dollar Index (DXY), which tracks the Greenback’s currency against a basket of six peers, rose over 0.26% to 103.79, a nearly two-month peak.