Gold futures added to their record-breaking run, racking up another all-time settlement high on Wednesday, as uncertainty over the U.S. presidential election continued to lift safe-haven demand.

The growing likelihood of a Trump presidency likely is playing a role as well, Commonwealth Bank of Australia analyst Vivek Dhar said, since the former president's plans would raise the risk of policy disruption, geopolitical tensions and a higher U.S. debt profile, further boosting gold's appeal as a safe-haven asset.

The bank said it expects gold to average $2,800/oz throughout the current quarter, rising to average $3,000/oz by Q4 2025.

Front-month Comex gold (XAUUSD:CUR) for November delivery settled +0.7% to $2,788.50/oz, a new record high and the front month's fifth consecutive daily gain, while the most-active December contract touched an intraday high of $2,801.70/oz before also ending at an all-time high $2,800.80, +0.7%.

Front-month November silver (XAGUSD:CUR), however, closed -1% to $33.914/oz, still the metal's third best settlement YTD.

ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (RING), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ)

Gold, traditionally a hedge during geopolitical instability, has surged 35% this year, poised for its best annual performance since 1979.

Even as gold topped $2,800 for the first time ever, Fawad Razaqzada, market analyst at City Index and Forex.com, said gold's "upside is going to be limited from here on."

"The high opportunity cost of non-yielding assets like gold is becoming increasingly evident as bond yields soar," Razaqzada wrote, so "without significant new drivers, gold buyers may find themselves on pause until a clearer correction emerges."