Gold prices broke the $2,700 level for the first time ever on Friday, setting a new all-time high as U.S. election concerns loomed and Middle East tensions persisted, boosting safe-haven demand for the precious metal. The monetary policy’s trajectory also supported the surge in prices ahead of the Federal Reserve‘s potential rate cut in November.
In the UAE, gold rates gained AED2.5 with 24-carat gold rising to AED328.25 and 22-carat gold reaching AED304. In addition, 21-carat gold was priced at AED294.25 and 18-carat gold at AED252.25.
Globally, spot gold rose 0.65 percent to $2,711.49 as of 5:11 GMT after hitting a record $2,712.035 earlier in the session. Meanwhile, U.S. gold futures increased 0.70 percent to $2,726.55.
Analysts said that gold prices may rise even further amid economic and political uncertainties.
