- Gold prices rose in Asian trading on Tuesday, nearing record levels as the 2024 presidential election kept haven demand in play.

- The yellow metal recouped all of its losses from the previous session, as easing fears of the Middle East conflict contributed to gold's drop from recent peaks.

- However, haven demand remained supported by expectations of a hot U.S. presidential race, while upcoming economic data is also likely to affect interest rate forecasts.

- Spot gold rose by 0.4% to $2,753.60 an ounce, while gold futures expiring in December also rose by 0.4% to $2,765.50 an ounce.

- Donald Trump and Kamala Harris are competing in a heated election, with voting set for November 5.

- Demand for safe havens was further bolstered by expectations of a series of key economic readings this week, which could influence the Federal Reserve's plans regarding interest rates.

- GDP data for the third quarter is due on Thursday, and the PCE price index data, the Fed's preferred inflation gauge, and nonfarm payrolls data are expected on Friday, with both prints coming just weeks before a Federal Reserve meeting.

- Gold and precious metal prices have remained resilient even as recent data has strengthened expectations that the Fed will cut rates slower in the coming months. The central bank may reduce interest rates by 25 basis points in November.

- Meanwhile, platinum futures rose by 1% to $1,054.00 an ounce, while silver futures increased by 0.2% to $34.070 an ounce.

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