(Bloomberg) — Gold climbed to another new record as traders await the latest U.S. economic data and the presidential election, now just a week away.

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The price of the precious metal actually rose 0.9% to $2,766.73 an ounce, surpassing last week's all-time high. Its strength came despite rising bond yields and a strong U.S. dollar that would have weighed on the precious metal. Lower interest rates and a weaker U.S. dollar typically benefit gold because it pays no interest and is valued in U.S. currency.

“Gold is trading higher this week despite falling risk premiums elsewhere, confirming that the focus remains on the US election and in particular the prospect of a Trump 2.0,” Saxo Bank A/S said in a note. “It could bring greater political disruption, trade tariffs and increased geopolitical risks.”

Gold bullion also rose slightly after economic data released on Tuesday showed U.S. job openings fell more sharply than expected, while consumer confidence topped estimates. Traders will examine a slate of U.S. data due later this week, with inflation and employment numbers potentially offering clues about the pace of interest rate cuts by the Federal Reserve. Recent data points to the resilience of the U.S. economy, keeping debate alive over how much the Fed might cut interest rates for the rest of the year.

Gold prices have risen by more than a third this year, helped by central bank purchases and safe-haven demand amid conflicts in the Middle East and Ukraine. The close US presidential election between Kamala Harris and Donald Trump also creates uncertainty, underscoring gold's role as a safe haven for investors.

See also: Citadel's Ken Griffin expects Trump to win close US election

The market is also preparing for earnings reports from gold miners, including third-largest producer Agnico Eagle Mines Ltd., which reports results after the market closes on Wednesday.

Spot gold was 0.8% higher at $2,763.71 an ounce at 10:09 a.m. in New York. The Bloomberg Dollar Spot Index rose slightly, while the 10-year U.S. Treasury yield rose. Palladium, platinum and silver are all on the rise.

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