Gold prices have reached an unprecedented peak surpassing $2,700 for the first time, with prices reaching $2,708 during Friday early morning trading hours.
The yellow commodity has appreciated by approximately 2% this week and remains one of the most successful commodities this year, boasting over a 30% increase.
Spot gold rose by 0.71%, or $19.23, to $2,711.94 per ounce as of 9:09 am GST on Friday, according to Argam data. Meanwhile, US gold futures for December settled 0.66% higher, reaching $2,725.40 per ounce.
The gold rush was driven by economic uncertainty, lowering interest rates, a contested US presidential election and geopolitical tensions in the Middle East.
“On top of the concerns in the Middle East, you are also nearing the U.S. election, which is looking like a very closely contested election,” Nitesh Shah, commodity strategist at WisdomTree, told Reuters. “That generates a whole host of uncertainty, and gold often is the place to go in times of uncertainty.”
In addition, silver futures for December delivery saw a 1.39% increase to reach $32.22 per ounce. Platinum prices gained 0.54% to settle at $1,001.36 per ounce.
In September 2024, gold achieved its third consecutive month of gains, according to the latest report by the World Gold Council. The continuous growth has pushed gold to achieve new highs on eight separate occasions throughout the past month.
