Gold still on record-setting rally amid global uncertainty

Gold bars

Gold prices climbed to a fresh record high today, Oct. 23, thanks to increased demand for safe-haven assets amid uncertainty surrounding the US elections and the ongoing Middle East conflict.

Spot gold prices added 0.13%, or $3.40, to stand at $2,751.85 an ounce at 8:53 am Makkah time, after surging to $2,752.50 earlier in the session — which is an all-time high.

Further, bullion for December delivery gained 0.25%, or $6.40, to $2,766.10 per ounce.

Elsewhere, silver futures for December delivery shed 0.39% to $34.91 an ounce, with platinum spot prices also up 0.68% to $1,036.10 per ounce. Meanwhile, palladium remained steady at $1,075.15 apiece.

Citi Research has upgraded its three-month gold price view to $2,800 per ounce from $2,700 previously, adding that its six to 12-month forecast is $3,000.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, kept flat at 104 points.