Gold prices charged to an all-time high on Thursday, as expectations of more interest rate cuts by the U.S. Federal Reserve and uncertainty over the US presidential election boosted demand for bullion.
Spot gold rose 0.5 per cent to $2,686.46 per ounce by 1126 GMT, after hitting a record high of $2,688.82 earlier in the day.
US gold futures gained 0.4 per cent to $2,702.20.
"With the U.S. election less than three weeks away, market caution is likely to remain a key theme. Given the tight race between Donald Trump and Kamala Harris, this adds another layer of uncertainty - stimulating demand for safe haven assets," said FXTM senior research analyst Lukman Otunuga.
Gold has risen over 30 per cent so far this year in a record-breaking rally driven by expectations that the Fed will cut rates further after a jumbo reduction in September, along with ongoing geopolitical uncertainties.
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 support bullion, which yields no interest and is considered a safe asset.
Gold prices are expected to rise to $2,941 a troy ounce over the next 12 months, delegates to the London Bullion Market Association's annual gathering predicted earlier this week.
Meanwhile, traders are on the lookout for U.S. retail sales and weekly jobless claims data due later in the day.
"A set of disappointing US data may fuel bets around Fed rate cuts," Otunuga said.
Spot silver rose 0.6 per cent to $31.85 per ounce. Platinum gained 1.2 per cent to $1,004.75 and palladium rose 1.1 per cent to $1,034.25.
