Gold is now in a new bullish phase after prices hit a record high, said Sprott Asset Management, echoing other bullish calls for the bullion to scale new highs.

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.

Gold futures may rise to average $3,000 an ounce in the fourth quarter of 2025, Commonwealth Bank of Australia analyst Vivek Dhar said in a note on Monday.