Gold prices surged to a new record high on Thursday, poised to post their best monthly performance in seven months as safe-haven demand intensifies ahead of the U.S. presidential election. Investors are also closely monitoring upcoming U.S. inflation data for clues about future interest rate trends.

Spot gold held steady at $2,786.89 per ounce as of 02:54 GMT after reaching an all-time high of $2,790.15 earlier in the session. Prices have climbed 6% this month alone. Meanwhile, U.S. gold futures edged down 0.1% to $2,797.80.

The U.S. election, set for November 5, is in its final, decisive stage, with polls indicating a close race between former Republican President Donald Trump and Democratic Vice President Kamala Harris.

Investors await the core Personal Consumption Expenditures (PCE) data due at 12:30 GMT, alongside weekly U.S. jobless claims later today and the monthly employment report set for release tomorrow.

According to the FedWatch Tool, there is a 96% probability that the Federal Reserve will cut short-term borrowing costs by a quarter point next week.

Precious metals, like gold, are generally viewed as safe investments during economic and geopolitical uncertainty, thriving in a low-interest rate environment.

Among other precious metals, silver slipped 0.3% to $33.68 per ounce, platinum held steady at $1,008.68, and palladium dropped 0.6% to $1,141.00. All three metals are on track for monthly gains.