High inflation, a toss-up presidential election, and escalating tensions in the Middle East reportedly are among the factors contributing to gold reaching record value.

Bullion, which is up by more than 30% this year, surpassed the $2,700-an-ounce threshold on Friday. Silver on Monday also increased to its highest since 2012.

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"Along with haven demand and US political uncertainty, the rally has been fueled by robust central-bank buying and expectations of US interest-rate cuts," Bloomberg reported. "Lower rates are often seen as bullish for non-interest bearing gold."

Many experts now expect the price to rise past $3,000, perhaps as soon as this year, CBS News reported.

Yahoo Finance reported gold's rise has occurred as fears grow over a broader Middle East escalation due to intensified hostilities between Lebanon and Israel. Also, the uncertain outcome of the U.S. presidential election outcome has pushed investors toward gold.

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Rhona O'Connell, head of market analysis for Europe, the Middle East and Africa (EMEA) and Asia at StoneX, told Blomberg that "gold thrives on uncertainty."

"The lack of clarity over the medium-term direction of U.S. foreign policy is adding to nervousness," O'Connell told the outlet.

Investment in gold is seen as a preservation of the real value of assets amid inflation, Yahoo Finance said. Gold shows resiliency when interest rates fall due to lower return on cash from bank or bonds from governments.

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"Trump winning the US presidential election would raise the risk of a trade war, and his provocative nature could lead to heightened uncertainty on the markets. Owning gold is essentially an insurance policy against unknowns," AJ Bell's Russ Mould told Yahoo.

Minerva Analysis founder Kathleen Brooks said China's stimulus and a strong U.S. economy are boosting gold demand.

Besides geopolitical factors, "the second driver is old-fashioned supply and demand factors that are influencing the gold price," Brooks told Yahoo Finance. "Gold demand hit a record high in the second quarter, and we expect this was extended in the third quarter. With no increased supply, the price of gold will naturally rise."

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