Gold prices surge to all-time high

Gold bars

Gold prices rose to an all-time high, surpassing $2,700 for the first time ever, driven by concerns over escalating conflicts in the Middle East and as investors adjusted their portfolios ahead of the upcoming US presidential elections in November.

Gold futures for December delivery rose by 0.66%, or $17.90, to $2,725.40 per ounce, while spot gold increased by 0.71%, or $19.23, to $2,711.94 per ounce as of 8:09 am KSA time. This is the first ever time for gold to top the $2,700 level.

Silver futures for December delivery also climbed 1.39%, or 44 cents, to $32.22 per ounce. Platinum prices gained 0.54% to $1,001.36 per ounce.

Gold prices have risen by about 2% this week, and the precious metal remains one of the top-performing commodities this year, with gains exceeding 30% so far. Geopolitical tensions have increased demand for safe-haven assets like gold.

Nitesh Shah, Commodity Strategist at WisdomTree, said that, in addition to concerns in the Middle East, the closely contested US elections brings to a high level of uncertainty, making gold an attractive refuge during such times.