- Gold prices recorded a new all-time high in Asian trading on Friday, benefiting from haven demand with just weeks left until the fiercely contested U.S. presidential election, while a rate cut by the European Central Bank also supported gold.

- Spot gold rose by 0.4% to a record level of $2,705.26 an ounce, while December gold futures increased by 0.5% to $2,720.15 an ounce.

- The yellow metal remained firm despite strong U.S. retail sales and labor market data, which increased bets that U.S. interest rates would fall at a slower pace in the coming months.

- Gold prices broke out of a tight trading range observed over the past two weeks as the U.S. presidential election approached.

- Media polls showed a slight lead for Harris over Trump, while prediction and betting markets largely leaned towards a Trump victory, sparking more uncertainty about the potential outcome.

- Gold was also favored amid escalating conflict in the Middle East.

- The yellow metal held its ground despite pressure from a stronger dollar, which reached its highest level in over two months this week.

- The dollar was primarily boosted by stronger-than-expected retail sales data and other figures showing a decline in weekly jobless claims, indicating strength in the labor market.

- A 25 basis point cut by the European Central Bank suggests that major global central banks are still on track to lower rates, with a lower interest rate environment likely to support gold and non-yielding assets.

- Gold found support from the ECB's rate cut, reminding the market that most central banks have entered an easing phase. This helped it overlook economic data that could slow the Federal Reserve's rate-cutting cycle.

- Meanwhile, platinum futures steadied at $1,005.95 an ounce, while silver futures rose by 1% to $32.095 an ounce.
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