Gold price breaks $2,800 per ounce for first time in history

Gold prices exceeded $2,800 per ounce for the first time in history, Report informs referring to RBC.

According to the agency, at 10:39 a.m. (GMT+4), the December futures for precious metal rose by 0.69%, reaching $2,800.25 per ounce.

Analysts attribute the new record in the gold market to uncertainty surrounding the US election outcome, as well as concerns about possible escalation of conflict in the Middle East. These factors are fueling demand for safe-haven assets: investors view gold as protection against geopolitical and economic risks.

"The rally in the gold market is also fueled by concerns about US economic prospects and expectations of rising consumer prices," notes Dmitry Skryabin, portfolio manager at Alfa Capital Management Company.

Gold has risen by more than 30% since the beginning of the year. In September, its value reached new records after the US Federal Reserve began easing monetary policy.