America News Agency

Spot gold was up 0.4 percent at $2,731.79 per ounce, after hitting an all-time high of $2,732.73 earlier. U.S. gold futures were 0.6 percent higher at $2,746.80, while, spot silver rose 1.3 percent to $34.08 per ounce, its highest since late 2012. Platinum rose 0.7 percent to $1,020.95 per ounce, its highest since mid-July. Palladium gained 0.8 percent to $1,087.87.

The 2024 U.S. presidential race between former President Donald Trump and Vice President Kamala Harris is neck and neck in the seven battleground states that will decide the Nov. 5 election.

In the Middle East, hundreds of Beirut residents fled their homes late Sunday, with multiple explosions heard, as Israel prepared to attack sites linked to the financial operations of the Hezbollah group.

Investors also digested news that China cut its benchmark lending rates following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy. Gold demand in top consumer China has taken a hit amid high prices and an economic slowdown.

Traders are pricing a 99 percent chance of a U.S. Federal Reserve interest rate cut in November. The European Central Bank cut interest rates by a quarter point last week.

Lower rates generally enhance gold’s allure, as bullion yields no interest. Gold is also considered a safe investment during times of economic and political turmoil.