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KARACHI: The price of 24-karat gold surged to 3,751 Saudi Riyal (SAR) per tola in Saudi Arabia on Friday, October 18, 2024, according to data from forex.pk.
Additionally, 10 grams of 24-karat gold is being sold for SAR 3,219, while the price per ounce stands at SAR 10,013.
It is important to note that gold prices fluctuate constantly worldwide, including in Saudi Arabia, and there may be slight differences as the prices were last updated at 10:28 am on October 18, 2024.
A day earlier, the gold prices hit record highs on Thursday as uncertainty surrounding the U.S. presidential elections and the war in the Middle East prompted investors to seek out safe-haven assets while easing the monetary policy environment, which kept prices elevated.
Spot gold rose 0.6% to $2,689.86 per ounce by 10:23 a.m. ET (1423 GMT). U.S. gold futures gained 0.5% to $2,705.30.
Gold has seen a surge of over 30% this year, surpassing record levels, driven by prospects of further Federal Reserve rate cuts after a half percentage point rate cut last month and ongoing geopolitical uncertainties.
“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. And that generates a whole host of uncertainty, and gold often is the place to go in times of uncertainty,” Nitesh Shah, commodity strategist at WisdomTree, said.
Gold prices are expected to rise to $2,941 a troy ounce over the next 12 months, delegates to the London Bullion Market Association’s annual gathering predicted earlier this week.
“The LBMA poll that came out from Miami earlier in the week, where the base look for gold prices was to rally near $3,000 in the next year and silver doing even better, I think that potential is also just attracting a bit of attention,” said Ole Hansen, head of commodity strategy at Saxo Bank.
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