Hedge funds have significantly increased their investments in gold, pushing their bullish bets on the precious metal to the highest level in four years amid rising investor concerns over the forthcoming US presidential election and the timing of interest rate cuts, according to a report by Bloomberg.

The report cites the latest US government weekly data as shown that as of 16 July, hedge funds and other large speculators raised their net-long positions in gold to levels not seen in over four years.

On Wednesday, gold prices soared to an all-time high of $2,483.73 per ounce as traders bet on earlier and more substantial monetary easing by the US central bank and sought a safe haven amid escalating geopolitical risks.