"The Democrat sweep in the US midterm elections appears to have boosted gold prices as investors become more worried about the fiscal outlook."
"Investor concern about fiscal risks is also supporting the price of other precious metals," said Hamad Hussain, senior climate and commodities economist at Capital Economics.
"That said, the fact that the Fed is likely to remain hawkish due to the inflationary backdrop means that the scope for further gains in gold prices is limited. Meanwhile, given that gold has increasingly become positively correlated with equities, continued weakness in tech stocks could also weigh on gold prices," Hussain said.