Gold hit the $2,700 per ounce mark on Friday for the first time in its history, as concerns over the US elections and simmering tensions in the Middle East boosted demand for safe havens, while the easing of monetary policy also fuelled the rise.

Spot gold strengthened 0.5% to $2,706.76 per ounce at 0220 GMT, rising nearly 2% since the start of the week. US gold futures rose 0.5% to $2,722.00

U.S. economic data released overnight indicated a strengthening economy, which boosted the U.S. dollar and Treasury yields. But traders still consider that there is a 90% chance that the Federal Reserve will cut interest rates in November. [US/

The European Central Bank cut interest rates for the third time this year as the eurozone economy weakens.

Gold is expected to trade in a range of $2,500 to $2,800 in the coming months, with prices supported by Fed rate cuts and high levels of geopolitical tension, according to BMI analysts.

Lower interest rates are increasing the attractiveness of bullion, which does not offer returns and is considered a safe investment in times of crisis.

Spot silver rose 0.5% to $31.92 per ounce and was heading for a weekly gain. Platinum rose 0.5% to $996.85 and palladium rose 0.7% to $1,049.25

Elsewhere, data showed that the economy of China, the main consumer of metals, grew by 4.6% in the third quarter compared to the previous year, slightly exceeding analysts' expectations.