Gold hits fresh high in record-setting rally amid global uncertainties
Adds quote, updates prices as of 0654 GMT
Silver scales highest level since late 2012
For gold, $2,800 a viable year-end target, analyst says
China cuts key lending rates to support growth
By Rahul Paswan and Ashitha Shivaprasad
Oct 21 (Reuters) -Gold hit a record high on Monday, extending its blazing rally amid uncertainties surrounding the U.S. election, simmering Middle-East tensions and interest rate cuts by major central banks, while silver scaled a near 12-year peak.
Spot gold XAU= was up 0.3% at $2,729.40 per ounce, as of 0654 GMT, after hitting an all-time high of $2,732.73 earlier. U.S. gold futures GCv1 were 0.6% higher at $2,744.80.
Helped by bullion's rally, spot silver XAG= rose 1.1% to $34.03 per ounce, its highest since late 2012.
"This month's rally is more driven by safe-haven demand because of geopolitical tension in the Middle East and uncertainty around the U.S. election because its outcome is looking very tight, anyone can win," said Soni Kumari, a commodity strategist at ANZ.
The 2024 U.S. presidential race between former President Donald Trump and Vice President Kamala Harris is neck and neck in the seven battleground states that will decide the Nov. 5 election.
In the Middle East, hundreds of Beirut residents fled their homes late Sunday, with multiple explosions heard, as Israel prepared to attack sites linked to the financial operations of the Hezbollah group.
Gold is considered a safe investment during times of economic and political turmoil. Lower rates also enhance its allure, as bullion yields no interest.
Investors also digested news that China cut its benchmark lending rates, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.
Gold demand in top consumer China has taken a hit amid high prices and an economic slowdown.
Elsewhere, traders are pricing in a 99% chance of a U.S. Federal Reserve interest rate cut in November. The European Central Bank cut rates by a quarter point last week.
For gold, "$2,800 looks to be a viable year-end target... There will be temptation to lock in some profits, which could slow the immediate upside," said Tim Waterer, chief market analyst at KCM Trade.
Platinum XPT= rose 0.3% to $1,016.21 per ounce, its highest since mid-July. Palladium XPD= gained 0.3% to $1,076.
Spot gold price in USD per oz https://reut.rs/3A8fUUg
Reporting by Rahul Paswan and Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich
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