Investors can expect gold to keep resetting its record high as a wave of political elections this year and the prospect of central banks cutting interest rates fuel demand for the safe haven asset.

Gold hit a record $US2265.73 an ounce on Monday, before paring some gains to $US2251.53 an ounce on Tuesday afternoon AEDT after robust US manufacturing data prompted traders to dial back bets for a June rate cut from the US Federal Reserve.