NEW YORK: Gold prices rose by as much as 1% on Thursday to trade near record highs as safe-haven demand from persistent geopolitical concerns bolstered prices, while palladium saw an 8% surge on concerns of supply sanctions on top-producer Russia.

Spot gold was up 0.6% at $2,732.39 per ounce by 9:55 a.m. ET (1355 GMT), having retreated from a record high of $2,758.37 on Wednesday. US gold futures were also 0.6% higher at $2,744.80.

“What we’re really seeing is gold continuing to be viewed as a quintessential hedge against inflationary pressures along with the safe-haven demand and fund inflows, gold continues to be extremely well supported,” said David Meger, director of metals trading at High Ridge Futures.

“Uncertainty leading into the US election is one additional pillar of support for the gold market, given the unease that the market may be feeling going into the election.” Expectations of further monetary policy easing by central banks and gold’s historical reputation as a hedge against economic and political uncertainty have boosted prices over 33% so far this year, hitting multiple record peaks along the way.