Gold futures (GC1!) hit a new all-time high Wednesday, briefly surging past $2,800 for the first time as investors rush to the precious metal as a safe-haven investment amid uncertainty around next week's U.S. presidential election next and simmering geopolitical tensions.

Eclipsing an all-time high set just yesterday, gold futures surged to $2,801.70 in early trading before giving up some of those gains. That makes gold one of the best-performing commodities year-to-date, up roughly 35% and handily outpacing the S&P 500's 22% gains.

What's Fueling the Gold Rally?

Gold is traditionally seen as a safe-haven asset when you expect stock market turbulence or as a hedge against inflation. Many Americans worry about how the outcome of next week's presidential election could affect the equities markets, the economy, and their personal finances.

"Uncertainty ahead of the US election next week has also supported gold’s record-breaking rally this year, and we believe it will continue to add to gold’s upward momentum. Expect more volatility in the days to come, as uncertainty around future US policies likely leads to a flight into safe havens," ING analysts wrote Wednesday.

Gold buying by central banks, especially in China, propped up prices throughout the year as retail investors shied away from gold exchange-traded funds (ETFs).

In recent months, retail investors not only poured billions into gold ETFs but also purchased gold bars at their neighborhood Costco (COST), as uncertainty grew around when the Federal Reserve would cut interest rates, the possibility that the U.S. would enter a recession, and rising tensions in the Middle East.