Gold futures climbed to yet another record-high settlement on Tuesday, scoring a fourth consecutive daily gain analysts say has been sparked largely by U.S. presidential election uncertainty and geopolitical tensions, as well as U.S. interest rate cut expectations.

Investors are awaiting a series of economic data, including ADP employment, U.S. Personal Consumption Expenditures, and the non-farm payrolls report to further gauge the Federal Reserve's policy stance; markets currently are pricing in a 98% chance for a 25-bp rate cut in the Fed's next rate decision on November 7.

Also lifting were reports of China considering adding more than $1.4T in debt over the next five years, according to Spartan Capital's Peter Cardillo, who sees gold rising as high as $2,850/oz in the short-term.

Front-month Comex gold (XAUUSD:CUR) for October delivery closed +0.9% to $2,768.40/oz, rising 2% in the past four sessions, and front-month October silver (XAGUSD:CUR) ended +1.3% to $34.269/oz, its second best settlement this year.

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Gold is maintaining its strength despite rising U.S. Treasury yields and slightly easing geopolitical tensions, with the driving force for gold tied to bets on a potential Trump victory in the presidential election, Pepperstone strategist Dilin Wu says.

The analyst noted the "alarming" U.S. fiscal situation, with the deficit hitting $1.8T for the fiscal year ending in September; while both presidential candidates are touting expansionary fiscal policies, Wu says a sweep for Trump could see U.S. debt skyrocket by $7.5T over the next decade, more than double the $3.5T forecast under a potential Harris administration.

Given the "Trump trade," the path of least resistance for gold seems to be upward, according to Wu.