Gold prices have surged past the $2,700 mark for the first time ever, reaching a new all-time high as concerns surrounding the upcoming US elections and ongoing tensions in the Middle East have intensified demand for this safe-haven asset.
On Friday, global spot gold rose by 0.73% to $2,713.41 after peaking at $2,713.76 earlier in the session. U.S. gold futures also climbed 0.70% to $2,726.55.
In the UAE, gold rates have reflected this global surge, with 24-carat gold increasing by AED2.5 to AED328.25.
The prices for other gold varieties have also risen, with 22-carat gold at AED304, 21-carat at AED294.25, and 18-carat at AED252.25.
Analysts suggest that further increases in gold prices could occur as economic and political uncertainties loom, particularly with less than three weeks until the U.S. presidential election, where Democratic Vice President Kamala Harris and Republican former President Donald Trump are vying for every last vote.
The anticipated monetary policy shift, including a potential rate cut from the Federal Reserve in November, has also contributed to the upward momentum in gold prices.
