Price movements
By 14:20 GMT, it had risen gold In spot transactions, it rose 0.7 percent to $2,739.40 per ounce, after hitting a record level of $2,741.97 earlier in the session.
US gold futures increased 0.5 percent to $2,753.80 per ounce.
Gold is considered a hedge in times of political and geopolitical fluctuations, and has risen by more than 32 percent since the beginning of this year, achieving multiple record levels.
The low interest rate environment increases the attractiveness of holding the yellow metal.
Peter A. said: Grant, Vice President and Chief Metals Analyst at Zanz Metals, “Geopolitical tensions remain the primary driver. Two weeks before the US presidential elections, the presidential race still appears to be a complete tie, so political instability is stimulating the demand for gold as a safe haven.”
“Certainly, if the conflict in the Middle East worsens, gold may reach $3,000 before the end of the year or the first quarter of next year, according to my preference,” he added, adding that the tendency of many major central banks to lower interest rates is another factor driving the rise.
As for other precious metals, silver increased in spot transactions by 2.1 percent to $34.47 per ounce after reaching its highest levels since the end of 2012 in the last session.
Platinum rose 1.8 percent to $1,021.45 per ounce, while palladium rose 2.2 percent to $1,073.75 per ounce.
