Gold’s rally took the yellow metal past US$2,700 for the first time on Friday morning.
A 0.93% gain for the day saw spot gold at US$2,707 an ounce on Friday, after a climb to as high as US$2,714 earlier on.
Concern over mounting global debt has emerged as the latest driver in gold prices, according to Bank of America analysts, as traders also seek refuge from fiscal uncertainty.
Analysts from the bank had reiterated a bullish forecast for gold to top the US$3,000 mark as the likes of US debt is expected to hit a record high in the coming three years.
“Neither Kamala Harris nor Donald Trump seem to prioritise fiscal consolidation,” analysts added, discussing the US presidential election.
“An analysis of policy platforms in advanced economies suggests policymakers strongly favour fiscal expansion.”