Safe-haven gold hits record high on global uncertainties

Gold prices hit anor record high: Gold prices surged to a record high on Wednesday, as conflicts in Middle East and uncertainty surrounding upcoming US election spurred demand for safe-haven assets.

Spot gold XAU tred at $2,749.82 per ounce as of 0437 GMT, after hitting an all-time high of $2,750.21 earlier in session.

US gold futures GCv1 edged 0.2 per cent higher to $2,764.00.

"Both presidential candidates are proposing inflationary policies, which will be very supportive for gold. While some of this is priced in, it will also provide ongoing support for higher prices," Michael Langford, chief investment officer at Scorpion Minerals, said.

Bullion is considered a hedge against economic and geopolitical uncertainties.

Democratic US Vice President Kamala Harris held a marginal 46 per cent to 43 per cent le over Republican former President Donald Trump, a new Reuters/Ipsos poll found.

In Middle East, Israel confirmed it h killed Hashem Safieddine, heir apparent to late Hezbollah leer Hassan Nasrallah who was killed last month.

Meanwhile, US Federal Reserve started its rate-easing cycle with a 50-basis-point cut last month. odds of a similar move in November have fed entirely, but trers see a 92 per cent chance of a quarter-basis-point cut, CME FedWatch tool showed. Lower rates improve appeal of non-yielding bullion.

"Gold has scaled new highs despite real and nominal yields edging higher, dollar strengning and US equity markets scaling new highs," analysts at Standard Chartered said in a note. US/USD/

"Gold’s ability to latch on to coat tails that take prices higher irrespective of macro backdrop suggests that market continues to see positive underlying flows."

Spot silver XAG= fell 0.5 per cent to $34.67 per ounce, after hitting its highest since late 2012 at $34.87 in previous session.

"Silver's physical shortages provide strong support for metal," Langford said.

Platinum XPT= rose 0.5 per cent at $1,033.88 and pallium XPD= ded 0.3 per cent to $1,078.72.