Gold hovers near record high -

Gold prices rose on Thursday, hovering near record highs, as heightened expectations of further US interest rate cuts this year and political uncertainty on account of a contentious US government shutdown drove demand for the metal, reports Reuters.

Spot gold was up 0.5 per cenr at $3,883.69 per ounce by 1134 GMT, down from Wednesday's all-time high of $3,895.09. US gold futures for December delivery rose 0.3 per cenr to $3,908.90.

The US dollar index inched lower to hover near one-week lows reached on Wednesday.

Data showed on Wednesday that US private payrolls fell by 32,000 jobs in September after a downwardly revised 3,000 decline in August.

"Overall, a softer dollar, weak economic data as highlighted in yesterday's ADP print, and the government shutdown continues to attract demand from investors looking to join the momentum train," said Ole Hansen, head of commodity strategy at Saxo Bank.