(Bloomberg) -- Gold reached a record in early Asian trading on Wednesday, as traders digested the latest US economic data and weighed potential market disruption ahead of the looming presidential election. 

Bullion edged up to reach $2,775.47 an ounce, topping the previous record posted on Tuesday. Markets are weighing a report that showed US job openings fell to the lowest since early 2021. The figures run counter to the September data that pointed to a still-strong labor market, which prompted traders to trim bets on another big rate cut by the Federal Reserve. Higher borrowing costs are typically negative for the precious metal.

Ahead of US central bank’s next policy meeting on Nov. 6-7, traders will be scrutinizing more US economic figures due later this week — including inflation and payroll figures — that may offer clues on the Fed’s easing trajectory into 2025. The reports are set to show underlying resilience in the economy and a hiccup in the labor market after two hurricanes. Economists expect policymakers to cut rates by a quarter percentage point next week.

The precious metal has surged by more than a third this year, supported by central-bank buying and haven demand due to conflicts in the Middle East and Ukraine. The neck-and-neck US presidential election between Kamala Harris and Donald Trump that’s less than a week away is also front of mind for investors, with uncertainty over the outcome underscoring bullion’s role as a place of safety for investors.

“Market positioning is elevated ahead of the election but also in anticipation of further Fed rate cuts and broader market and geopolitical uncertainty,” Standard Chartered Plc analyst Suki Cooper said in a note. “Under a Trump-win scenario, markets are focused on the implications of wider tariffs, as well as inflationary pressures as a result of such tariffs.”

Spot gold was little changed at $2,775.06 an ounce as of 6:57 a.m. in Singapore. The Bloomberg Dollar Spot Index was down 0.1%. Silver was steady, after topping $34 an ounce on Tuesday. Palladium and platinum were flat.

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