Gold Registers Record High Price Amid Geopolitical Tensions, US Election

The precious metal’s price has appreciated by more than 34 percent this year amid a host of geopolitical triggers.

A worker polishes gold bullion bars at the ABC Refinery in Sydney, Australia, on Aug. 5, 2020. David Gray/AFP via Getty Images

Gold prices hit a new high on Oct. 30 amid the upcoming U.S. presidential election and ongoing geopolitical tensions, with investors awaiting the release of key economic data.

Spot gold prices breached the $2789 per oz. level in early trading on Wednesday, continuing the uptrend of the last few days. Gold has been bullish for the previous four trading days, moving from a low of $2,715 per ounce on Oct. 24 to $2,775 on Oct. 29.