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The European Central Bank is also expected to make its first back-to-back rate cut in 13 years later in the day.
Lower interest rates and geopolitical tensions tend to boost bullion, which is considered a safe asset and yields no interest.
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“The LBMA poll that came out from Miami earlier in the week, where the base look for gold prices was to rally near $3,000 in the next year and silver doing even better, I think that potential is also just attracting a bit of attention,” said Ole Hansen, head of commodity strategy at Saxo Bank.
The price of gold is expected to rise to $2,941, a troy ounce over the next 12 months from the current $2,661, delegates to the London Bullion Market Association’s annual gathering predicted earlier this week.
Traders are on the lookout for the U.S. retail sales and industrial production data for September and weekly jobless claims data due later in the day.
“A set of disappointing U.S. data may fuel bets around Fed rate cuts,” Otunuga added.
