Gold and silver surged amidst growing fears of escalating conflicts in the Middle East, uncertainties surrounding the US election, and central banks embarking on easing cycles. Analysts expect gold prices to keep rising.

Meanwhile, money managers have increased net-long positions in gold, while investors have added to holdings in exchange-traded funds. Citigroup Inc. analysts boosted their three-month price forecast by 3.7% to $2,800 an ounce amid expectations that further labor-market deterioration will drive demand.

Gold and silver prices surge amid election uncertainty and geopolitical risks, with gold reaching record highs of $2,740.

Gold rose — approaching Monday’s record high — with haven demand driving bullish sentiment as traders monitored geopolitical risks including conflict in the Middle East and the US election that’s less than two weeks away.