Gold prices hit yet another peak on Wednesday, seeing the yellow metal break its own record for the 25th time this year.
Having peaked at US$2,671 per ounce, gold set its latest record earlier on Wednesday, with prices coming to settle at US$2,665 for a 0.7% gain by the afternoon.
BullionVault analysts noted the latest run meant gold had now surpassed its own record the same number of times as in 2008, when the global financial crisis struck, in just the first nine months of this year.
The platform's research director, Adrian Ash, added this year’s latest rally was being driven by speculative trading in futures and options contracts, rather than physical demand as before.
“However,” he said, “gold's latest record highs are beginning to gain attention”.
“UK investors are increasingly turning to gold as the gloom sparked by recent Labour decisions takes hold, matching the upturn in new interest among US citizens ahead of November's presidential election.”