Gold prices rose in European trade on Wednesday, and traded above $2750 an ounce for the first time ever as haven demand on the precious metal accelerates before the US presidential elections, News.Az reports citing The Economies .

Gold prices hit record high for 2nd day

Gold eased from its recent record high on Monday, but was still set for its biggest quarterly gain in more than eight years on the back of geopolitics and the U.S. Federal Reserve's rate cut, News.Az reports citing Reuters .

Oil prices climbed about 2% to a one-week high on Monday, buoyed by hopes of rising fuel demand this summer despite a stronger U.S. dollar and expectations the U.S. Federal Reserve (Fed) will leave interest rates higher for longer.