Gold hit a new all-time high on Wednesday as investors flocked to the safe-haven metal less than a week before the U.S. presidential election, Reuters reports.

Spot gold was up 0.45 percent at $2,787.19 an ounce on Wednesday after hitting an all-time high of $2,787.36 earlier in the session.

December futures rose 0.65 percent to $2,798.95, hitting an all-time high of $2,801.65.

“Gold is heavily dependent on the US election outcome… Spot gold faces resistance at $2,800 in the near term, followed by $2,826,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA.

The November 5 election is entering its final stages, with the latest polls showing a tight race between Donald Trump and Kamala Harris.

Another factor driving gold’s record rally is expectations of more U.S. interest rate cuts. Federal Reserve officials are almost certain to cut short-term borrowing costs by a quarter point next week after a Labor Department report showed job openings fell to their lowest level since January 2021 in September.

“If we see hot inflation numbers or a strong jobs report, that could push gold prices lower,” Wong added.

Meanwhile, Goldman Sachs cut its gold forecast to $3,000 by the end of 2025 from $3,080, but maintained its bullish stance. It also expects the metal to rise 7%, driven by Western exchange-traded funds (ETFs).

Palladium fell nearly 1% to $1,210.72 an ounce, while platinum rose 0.1% to $1,046.89.

Platinum and palladium prices are expected to rise in 2025 compared with this year’s averages, according to a Reuters poll, on higher demand and the risk of supply disruptions.