Gold price hits new record high

By Gokhan Ergocun

ISTANBUL (AA) – The price of gold reached a new record high on Wednesday, with an ounce trading close to $2,790 amid uncertainties surrounding the upcoming US elections on Nov. 5.

On Tuesday, gold hit a previous record of $2,771.73 per ounce, and it was trading around $2,785 as of 0725GMT Wednesday.

Starting the year at $2,065, gold has gained approx. 35% in value since January.

The precious metal’s strong performance is largely attributed to rising geopolitical tensions in the Middle East and a gradual shift away from tight monetary policies.