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Gold futures rise to new record highs on US election uncertainty

Gold futures rose 0.8% to $2,778.80 an ounce. The precious metal set a new record of $2,784.0/ounce earlier in the session.

According to market observers, gold appears to be gaining on uncertainty over the US presidential election and geopolitical tensions, as well as expectations of a rate cut in the US.

There are indications that the high price is having a visible dampening effect on gold demand in China, analysts at Commerzbank wrote in a statement. According to the China Gold Association, jewelry demand particularly suffered in the first three quarters of the year, falling nearly 28%.

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