Gold subdued as investors await US election outcome
Nov 6 (Reuters) -Gold prices were muted on Wednesday, as investors held back from taking big positions until the U.S. election's outcome was known and shifted focus to the Federal Reserve's upcoming meeting.
FUNDAMENTALS
* Spot gold XAU= fell 0.2% to $2,738.89 per ounce, as of 0051 GMT. Bullion hit a record high of $2,790.15 last Thursday.
* U.S. gold futures GCv1 edged 0.1% lower to $2,747.80.
* Millions of Americans cast their votes on Tuesday in a hotly-contested presidential race, with final results possibly delayed if key battleground states remain closely contested.
* Meanwhile, Donald Trump has won Indiana, Kentucky and West Virginia, while Kamala Harris has taken Vermont as early election results rolled in, Edison Research reported.
* Traders are also focused on the Fed's two-day meeting, which concludes on Thursday, along with comments from Chair Jerome Powell.
* Traders see a 96% chance of a 25-basis-point rate reduction this week, according to the CME FedWatch tool.
* Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in low-interest-rate environment.
* U.S. trade deficit widened sharply in September as businesses boosted imports to meet robust domestic demand and in anticipation of higher tariffs on goods, data on Tuesday showed.
* Elsewhere, private sector survey in top metals consumer China showed services activity expanded the fastest in three months in October.
* Spot silver XAG= fell 0.6% to $32.47 per ounce, platinum XPD= shed 0.7% to $992.92 and palladium XPT= was down 1.6% to $1,058.24.
DATA/EVENTS (GMT)
0030 JibunBK Comp Op Final SA Oct
0030 JibunBK SVC PMI Final SA Oct
0700 Germany Industrial Orders MM Sept
0700 Germany Manufacturing O/P Cur Price SA Sept
0700 Germany Consumer Goods SA Sept
0850 France HCOB - Services PMI Oct
0850 France HCOB Composite PMI Oct
0855 Germany HCOB Services PMI Oct
0855 Germany HCOB Composite Final PMI Oct
0900 EU HCOB Services Final PMI Oct
0900 EU HCOB - Composite Final PMI Oct
0930 UK S&P Global PMI: MSC Composite - Output
1500 Global Supl Chain Prs IDX Oct
Reporting by Daksh Grover in Bengaluru; Editing by Sumana Nandy
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