Gold prices rose on Tuesday, breaking a new intraday record; The most active December contract rose $23.50, or nearly 0.9%, to $2,779.40 an ounce after rising as high as $2,784.

“Gold prices have benefited from strong safe-haven demand amid persistent geopolitical tensions, expectations of monetary policy easing and growing uncertainty surrounding the US presidential election,” FlowCommunity Chief Commercial Officer Tito Iakopa said in market commentary. “These fundamental factors, combined with strong physical demand, continue to provide support for gold as rising global risks push prices higher.”

He said traders are refocusing this week on “critical” U.S. economic data, including PCE inflation, preliminary estimates for third-quarter gross domestic product and employment figures. “Potential stronger-than-expected U.S. economic data could strengthen the Federal Reserve’s cautious stance, possibly leading to fewer and smaller rate cuts than markets currently expect.” He said this would “potentially increase Treasury yields and strengthen the US dollar’s upward momentum, which could temporarily limit gold’s uptrend.”