Gold prices in the UAE fell slightly with 24-carat gold dropping to AED 330.25 while 22-carat gold reached AED 305.75. However, global gold prices rose driven by safe-haven demand amid U.S. election uncertainty and escalating tensions in the Middle East. Spot gold increased 0.18% to $2,726.34, following a session high of $2,758.37.
Despite a strong U.S. dollar which typically dampens gold demand, geopolitical risks and economic factors have bolstered gold's appeal. Analysts predict prices could exceed $2,800 this year and reach $3,000 by 2025.
Source: Economy Middle East
As the U.S. presidential race heats up with the election less than two weeks away, market watchers are concerned about its impact on global markets. Increased tensions in the Middle East are also pushing investors toward gold as a safe asset.
In the U.S., steady economic growth and job increases have led to speculation of potential interest rate cuts which could further support gold prices. Meanwhile, other precious metals like silver and platinum are also on the rise with silver gaining 0.47% to $33.88 per ounce and platinum rising 1.16% to $1,027.60.