Gold hit an all-time high on Wednesday. Investors are turning to safe haven with less than a week before the US presidential election.

US gold futures rose 0.4% to $2,791.70. After reaching an all-time high of $2,782.03 earlier in the session, spot gold was up 0.2% at $2,779.39 per ounce at 0308 GMT. According to Kelvin Wong, OANDA's senior market analyst for Asia-Pacific, “gold is very entrenched in the outcome of the American elections... In the short term, spot gold will face resistance at $2,800 and then at $2,826.” The record rise in gold is also due to expectations of further cuts in US interest rates, while the fall in rates reduces the opportunity cost of holding zero yield bullion

Spot silver lost 0.3% to $34.33 per ounce. Palladium fell by almost 1% to $1210.72 per ounce, while platinum rose 0.1% to $1,046.89