Gold jumps $30, reaching a new historic peak above $2,770 despite the rise of the dollar and bond yields.

Gold prices rose by more than $30 per ounce during trading on Tuesday, with the yellow metal marking a new historical peak, surpassing the level of $2,772 per ounce, after breaking the last historical peak recorded on Wednesday of last week.

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In terms of trading, spot gold prices increased by about 1.10% or approximately $30 to record $2,772.62 per ounce, surpassing the last record high set on October 23 at $2,758.52 per ounce, while December futures gold prices rose by 1.04% to $2,784.35 per ounce, exceeding the record closing level on October 22, which was $2,759.80.

This rise is driven by increasing demand for gold as a safe haven amid heightened uncertainty among investors in the markets ahead of the U.S. elections scheduled for November 4 and 5, with these significant gains occurring despite a rise in the dollar and U.S. Treasury yields.

The uncertainty regarding the U.S. presidential elections comes at a time when polls indicate a tight race between Kamala Harris and Donald Trump, who has promised a radical tariff policy that could disrupt global trade.

On another front, the DXY dollar index rose slightly by about 0.1% to 104.49 points, and U.S. Treasury yields also increased, with the yield on two-year U.S. bonds rising by about 4.0 basis points to 4.178%, while the yield on ten-year bonds reached 4.336%, up by 5.0 basis points.