Gold futures soared on Tuesday and hit a fresh intraday record high. The yellow metal has benefited from safe-haven demand amid geopolitical tensions and further Federal Reserve policy easing, continuing its trend of substantial gains.

December gold futures rose $21.70, or 0.79%, to $2,760.90 per ounce at 19:20 GMT on Tuesday on the COMEX division of the New York Mercantile Exchange. Gold has rocketed 15% over the last three months, bringing its year-to-date rally to 33%.

Silver, the sister commodity to gold, eyed $35. December silver futures advanced $0.847, or 2.49%, to $34.93 per ounce. The white metal has already climbed 11% in the last week and has jumped 19% over the last three months. Year-to-date, silver is up more than 45%.

Investors have been hedging their bets on geopolitical strife in the Middle East and global economic uncertainties.

“Geopolitical tensions remain the primary driver… Two weeks out from the U.S. election, the race seems to still be a dead heat, and so a fair amount of political uncertainty is also driving safe haven interest in gold,” Peter A. Grant, vice president and senior metals strategist at Zaner Metals, told CNBC.

“Certainly if things heat up further in the Middle East, we could see $3,000 before the end of the year, but I’m sort of leaning more towards Q1.”

While US Treasury yields have edged higher over the last month, gold bugs are ebullient about expectations of lower interest rates, regardless of size and pace.

The benchmark ten-year yield climbed 1.8 basis points to 4.2% and has soared more than 50 basis points since the Fed cut rates in September.

While gold is typically sensitive to fluctuating bond yields because it influences the opportunity cost of holding non-yielding bullion, gold has shrugged off the recent escalation.

The US dollar has also strengthened in the last month, rallying more than 3.5%. The US Dollar Index (DXY), a gauge of the buck against a basket of currencies, rose 0.05% to 104.07, from an opening of 103.97. The index has risen nearly 3% year-to-date.

Gold usually weakens in response to a climbing buck because it makes dollar-denominated commodities more expensive for foreign investors to purchase.

In other metal markets, December copper futures rose $0.03, or 0.69%, to $4.3895 per pound. December platinum futures surged $24.40, or 2.4%, to $1,041.20 per ounce. December palladium futures climbed $29.40, or 2.79%, to $1,085.00 an ounce.