The gold price ticked up to yet another record on Monday as purchasing managers index (PMI) data provided the latest boost for the safe haven asset.
Come the afternoon, gold climbed as high as US$2,634 per ounce and above the record set earlier in the day.
The yellow metal had surpassed the US$2,600 mark for the first time last week on the back of the Federal Reserve’s big interest rate cut.
Growing tensions in the Middle East since fuelled demand for the safe-haven asset, with the weekend bringing further strikes between Israel and Hezbollah.
S&P Global PMI data on Monday afternoon then dealt the latest boost for gold, with prices rising in the aftermath of the figures which showed US private sector growth had slowed this month.
This came as the manufacturing sector faced a third successive month in contraction territory, while service growth also slowed.
S&P also reported the fastest increase in prices for six months.
Analyst Susannah Streeter Hargreaves Lansdown highlighted that inflation is important for gold prices.
“Gold is predominantly traded in US dollars so falls in the currency can make the metal cheaper for buyers, helping increase demand,” she said.
Analyst John Meyer at SP Angel said gold was being supported as the dollar strengthens ahead of US PCE inflation data this week.
As new data showed a rise in gold buying by Saudi Arabia's central bank, he said: "We believe other central banks have been buying gold in anticipation of a weaker US dollar. In an uncertain and changing world gold is a go-to default."
China's central bank says it has not been a buyer of gold since May, but Meyer said Indian and Chinese investors have been buyers.
Indian gold imports hit a record $10.06 billion in August after a 9% cut in import tariffs, according to estimates by MetalsFocus, with reports indicating strong demand for gold jewellery in India.