High inflation, a toss-up presidential election, and escalating tensions in the Middle East reportedly are among the factors contributing to gold reaching record value.

Bullion, which is up by more than 30% this year, surpassed the $2,700-an-ounce threshold on Friday. Silver on Monday also increased to its highest since 2012.

“Along with haven demand and US political uncertainty, the rally has been fueled by robust central-bank buying and expectations of US interest-rate cuts,” Bloomberg reported. “Lower rates are often seen as bullish for non-interest bearing gold.”

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