Sharjah24 - Reuters: Gold prices hit a record high on Tuesday, as uncertainties surrounding the U.S. presidential election and the Middle East conflict, along with expectations of an interest rate cut by the Federal Reserve, boosted bullion's appeal.
Spot gold was up 0.9% at $2,766.00 per ounce as of 10:17 a.m ET (1417 GMT), after hitting a record high of $2,771.61 earlier in the session.
U.S. gold futures gained 0.9% to $2,779.50.
Bullion thrives in a low interest-rate environment and is considered a hedge against market volatilities. Gold prices have surged more than 34% so far this year.
Gold is supported by safe-haven bets as geopolitical tensions and political uncertainty continue, with Japan now being added into the mix on the political uncertainty front after the weekend election, said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Republican former U.S. President Donald Trump and Democratic Vice President Kamala Harris are also caught in a tight race to the White House.
On the geopolitical front, at least 93 Palestinians were killed and missing in an Israeli strike in northern Gaza, the Gaza health ministry said.
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