- Gold prices continued to hit new record levels in Asian trading on Wednesday, as safe haven demand increased due to heightened political uncertainty in the United States and Japan, along with forecasts for future U.S. interest rates.

- Demand for safe havens remained supported by expectations of a fierce presidential election in 2024, with voting scheduled for November 5. Political uncertainty in Japan also increased after the coalition led by the Liberal Democratic Party lost its parliamentary majority in recent elections.

- Spot gold rose by 0.3% to a record high of $2,779.81 per ounce, while gold futures expiring in December also rose by 0.3% to $2,791.90 per ounce.

- The political uncertainty in Japan added further demand for safe havens, primarily gold, as the Liberal Democratic Party's election loss presented a fractured outlook for the country.

- Beyond the elections, military tensions in the Middle East remain ongoing.

- GDP data for the third quarter is set to be released on Thursday, while data on the Personal Consumption Expenditures price index—the Federal Reserve's preferred measure of inflation—and nonfarm payroll data is scheduled for Friday.

- These readings come just days before a Federal Reserve meeting, where the central bank is widely expected to cut interest rates by 25 basis points.

- Meanwhile, platinum futures rose by 0.2% to $1,061.60 per ounce, while silver futures increased by 0.4% to $34.570 per ounce.
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