Uncertain election outlook, easing central bank policies and Middle East tensions contribute to the powerful rally in bullion prices. Gold prices XAUUSD soared to a new record high Friday morning with traders and investors seeking safety amid a flurry of factors. The shiny metal rose to the never-before-seen level of $2,715 per ounce, confidently breaking the psychological barrier of $2,700 and marching toward the fourth straight day of gains. But what’s actually driving all that buying momentum? A bunch of things. First off, central banks are easing their monetary policies, making money more affordable through lowering interest rates. The European Central Bank on Thursday performed the third cut to interest rates for the year and the Federal Reserve is looking to do its second trim to borrowing costs in November. Lower rates reduce the opportunity cost of holding gold, which doesn’t pay dividends or yield any interest. There’s also the uncertain outlook of the presidential election in the US. Both candidates Donald Trump and Kamala Harriss diverge in their views on capital market regulations, taxes, government spending and broader fiscal policy. And, last but not least, Middle East tremors worsened Thursday when Israeli officials announced Hamas leader Yahya Sinwar was killed by Israel Defense Forces. Sinwar was the mastermind of the Oct. 7 terror attacks, which set off the ongoing war.