Gold surged to a record high on Monday while silver struck a near 12-year peak, as growing uncertainties surrounding the U.S. presidential election and the Middle East war added to gold's rally already fueled by expectations of interest rates easing.

The price of gold has hit another record high as investors turn to the safe haven asset amid a tightening US presidential race and intensifying conflict in the Middle East. Gold rose to a record £2,097.67 ($2,732.73) per ounce, having gained almost 40 per cent in the last 12 months and 83 per cent in the last five years.