"Gold prices may stabilize somewhat in November following the election," Martin says."This could be short-lived, as neither party has a clear plan to address the growing deficit. In times of economic uncertainty, like the one we're in, gold tends to outperform, though it may be a volatile journey upwards."

Gold prices may rise to $2,800 per ounce by year-end and could even reach $3,000 next year, according to recent estimates by financial services provider UBS. Factors driving gold price hikes include the rate-cutting cycle started by the US Federal Reserve and major central banks, a weakening US dollar index and ongoing geopolitical risks.

The price of gold traded at $2,611.72 per troy ounce, as of 9 a.m. ET. That’s down 0.91% from yesterday’s gold price per ounce and up 26.39% since the beginning of the year.

For investors who thought gold's price surge would continue unabated, however, November has proven otherwise. The price of the precious metal has dropped this month from record hi

The impressive year-to-date rally in gold has seen a temporary dip following the recent US election results, according to a World Gold Council report.A mix of stronger bond yields, a rising US dollar,