Gold edged down slightly, after hitting a fresh record high as the run-up to the US election underpins haven demand.

Gold prices lingered near record highs on Tuesday, supported by uncertainty surrounding the upcoming U.S. presidential election, while investors awaited key economic data for clues on the Federal Reserve's interest rate trajectory.

Gold climbed toward another record as traders await the latest US economic data and the presidential election, now just a week away.Most Read from BloombergThere Will Soon Be No Meatpackers Left in NYC’s Historic Meatpacking DistrictInside NYC’s Playbook for Getting Federal Grant FundsThe Tartarian CandidateA Courtyard Apartment Building Designed for Southwest SprawlBooming Cambridge Exposes England’s Widening Wealth GapBullion rose as much as 0.

Gold topped $2,800 an ounce for the first time ever on Wednesday, but one analyst warned that the upward movement for prices may be “limited” going forward as strength in Treasury bond yields is a reminder to investors of the high opportunity cost of the non-yielding precious metal.

Gold surged to a record high on Wednesday as uncertainty surrounding the U.S. presidential race spurred demand for safe-haven assets, while traders awaited cues on interest rate cuts. Spot gold rose 0.

Gold hit a lifetime high on Wednesday on safe-haven demand ahead of the U.S. presidential election, while investor focus is also on U.S. economic data for clues on the rate cut outlook. Spot gold was up 0.