Gold prices are at their highest due to uncertainties in the U.S. presidential election...a rising outlook for next year.

The uncertainty of the U.S. presidential election and the Middle East conflict has pushed gold prices to another record high.

Spot gold hit an all-time high of $2,772.42 an ounce in early trading, according to Reuters on the 29th local time.

Gold futures rose 0.9% to close at $2,781.1

Gold, which is valued as a safe asset, is usually seen as a hedging instrument when demand increases during low interest rates and market volatility is high.

The results of the U.S. presidential election on the 5th of next month are difficult to predict prematurely, and geopolitical instability in the Middle East has also pushed up gold prices.

The U.S. Federal Open Market Committee, FOMC meeting on the 7th of next month also boosted demand for gold as the possibility of further cuts in interest rates grew.The rise in gold prices is expected to continue into next year as a favorable U.S. rate-cutting environment and geopolitical tensions in the Middle East continue to stimulate demand for gold, according to a Reuters survey.

Gold prices are up more than 34% this year.