- Gold prices reached a record high during Asian trading on Monday, extending the rally seen last week as uncertainty surrounding the U.S. elections and the prospect of widespread war in the Middle East fueled demand for the yellow metal as a traditional haven.

- Other precious metals also advanced, with silver prices surging to a 12-year high, while industrial metal prices, particularly copper, rose following an interest rate cut in the largest importer, China.

- Spot gold rose by 0.4% to a record level of $2,732.86 per ounce, while gold futures expiring in December increased by 0.6% to $2,747.70 per ounce.

- Precious metal prices were primarily supported by increased demand for safe havens, especially with reports over the weekend indicating the possibility of a large-scale war in the Middle East.

- Traders were also biased towards safe havens ahead of the U.S. presidential elections in early November, with the competition appearing "too close to call." Recent polls showed Donald Trump and Kamala Harris very close to each other, although prediction markets largely favored a Trump victory.

- The safe-haven demand helped precious metals remain firm despite signs of resilience in the U.S. economy, as traders adjusted their expectations for a slower pace of interest rate cuts by the Federal Reserve. The Fed is widely expected to cut rates by 25 basis points in November.

- Meanwhile, silver futures surged by 3.1% to $34.328 per ounce—its highest level since September 2012, while platinum futures rose by 0.6% to $1,031.15 per ounce.

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