Gold prices hit record highs on Friday, helped by an interest rate cut by the European Central Bank just weeks before the US presidential election.
Spot gold rose 0.8% to $2,713.18 an ounce, while gold futures for December expiration rose 0.8% to $2,728.30 an ounce, both hitting record levels on Friday. Silver prices broke out of the tight trading range seen over the past two weeks and hit new highs as the US election approaches.
According to analysts, gold prices are expected to rise in the next 6 to 12 months.
