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Ammon News - Gold prices rose on Tuesday and hovered near a record high hit in the previous session, amid uncertainties around the U.S. election, the ongoing Middle East tensions and expectations of central banks cutting interest rates.

Spot gold rose 0.6% to $2,735.14 per ounce by 0658 GMT and U.S. gold futures rose 0.4% to $2,749.30.

Gold, considered a hedge against political and geopolitical uncertainty, hit an all-time high of $2,740.37 on Monday and has gained more than 32% so far this year.

Traders now see an 87% chance of a 25-basis-point cut by the U.S. Federal Reserve in November, according to the CME Fedwatch tool.

Benchmark 10-year treasury yields rose to a 12-week high in the last session, while the dollar clung to a two-and-half-month high on Tuesday.

Spot silver rose 1.1% to $34.12 per ounce after hitting its highest since late-2012 in the last session.

Citi Research revised its six- to 12-month forecast for silver prices upward to $40 per ounce from $38 per ounce.

Platinum rose about 1% to $1,013.10 per ounce. Palladium added 1.4% to $1,065.44.

Reuters