Gold prices rise to all-time highs with US debt mounting, election uncertainty

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Gold prices reached new record highs this week amid uncertainty surrounding the upcoming election and the rising U.S. national debt.

Prices for gold futures have risen over 32% year to date and more than 38% in the past year and have set a number of new all-time highs in the process. 

Gold reached new records of $2,738 on Monday and $2,760 on Tuesday, before paring back some of those gains and closing at $2,749 on Thursday.

Investors have turned to gold as a safe haven from a variety of geopolitical risks in the past year, including the ongoing conflicts in the Middle East and Ukraine. Uncertainty surrounding the direction of U.S. economic policy after the election, as well as the Fed's rate cutting plans and long-term trajectory of the growing national debt have also bolstered investment in gold.

FEDERAL DEFICIT NEARS $2 TRILLION AND GETTING WORSE, EXPERTS WARN

Gold prices have risen to record highs this week amid uncertainty around the upcoming election and widening budget deficits. (Photo by ARNE DEDERT/dpa/AFP via Getty Images / Getty Images)

«What we're really seeing is gold continuing to be viewed as a quintessential hedge against inflationary pressures along with the safe-haven demand and fund inflows, gold continues to be extremely well supported,» said David Meger, director of metals trading at High Ridge Futures. 

«Uncertainty leading into the U.S. election is one additional pillar of support for the gold market, given the unease that the market may be feeling going into the election,»

ANZ said in a note that, «Concerns around the rising U.S. fiscal debt