Urgent.. Gold prices soar and break an unprecedented peak.

Gold prices continued their upward movement during evening trading on Tuesday, marking the sixth consecutive session, as the precious metal broke its all-time high and settled at $2,745.25 per ounce.

The demand for gold as a safe haven has boosted the price of the yellow metal in recent trading sessions, as geopolitical tensions in the Middle East persist, with ongoing attacks and strikes in Lebanon. Additionally, the United States is preparing to announce a new package of sanctions against Russia next week.

Moreover, there’s a high degree of uncertainty surrounding the U.S. presidential elections, as the votes between presidential candidates Donald Trump and Kamala Harris are closely matched, prompting investors to seek safe-haven assets, including gold.

Furthermore, the approaching Federal Open Market Committee meeting seems to provide support for gold prices during trading, as markets expect the U.S. Federal Reserve to further cut interest rates by 25 basis points in this meeting, which could weaken the dollar in favor of rising gold prices as one of the commodities priced in greenbacks.

In today’s trading, spot gold prices jumped by about 0.96% to $2,745.52 per ounce, while gold futures rose approximately 0.73% to around $2,758.90 per ounce.