WASHINGTON (dpa-AFX) - Gold prices climbed to a record high on Thursday before retreating as investors awaited U.S. non-farm payrolls figures, inflation data and next week's presidential election for insight into the Federal Reserve policy.
Geopolitical tensions simmered after North Korea fired an intercontinental ballistic missile, which flew for 86 minutes - the longest flight recorded yet - before falling into waters off its eastern coast.
Spot gold dipped 0.3 percent to $2,778.86 in European trade but was on track for its biggest monthly gain in seven, driven by safe-haven demand before the U.S. presidential election. U.S. gold futures were down 0.4 percent at $2,789.30.
U.S. reports on weekly jobless claims and personal income and spending, which includes the Federal Reserve's preferred inflation readings, due out later in the day along with Friday's October payrolls report, may offer further clues on what to expect from the Federal Reserve meeting on Nov. 7.
The focus remains on core personal consumption expenditures (PCE) data, which is expected to have risen 0.3 percent in September, following August's 0.1 percent gain.
Traders currently see a 96 percent chance that the Fed will deliver a quarter-point reduction in short-term borrowing costs next week.
Meanwhile, with election day in the United States less than a week away, polls predict a narrow contest between Democratic nominee Vice President Kamala Harris and Republican rival former President Donald Trump.
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