Muscat: Gold prices soared to an all-time high, driven by a weakening US dollar, intensifying trade tensions, and growing fears over global economic stability, sparking increased demand for safe-haven investments.
Spot gold surged by 1.3 percent, reaching $3,270.12 per ounce after briefly hitting a record peak of $3,275.20 earlier in the trading session. US gold futures also climbed significantly, rising 1.4 percent to $3,286.30 per ounce.
The rally in gold was primarily fueled by a 0.4 percent decline in the dollar index against other major currencies, making gold purchases more attractive for international buyers. Analysts attribute the bullion’s impressive ascent to ongoing concerns about trade wars and potential slowdowns in the global economy, prompting investors to seek safer investment options.
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In related precious metals, spot silver recorded a modest rise of 0.1 percent to $32.32 per ounce. Platinum prices slightly dipped by 0.3 percent to $956.64, while palladium held steady at $971.10 per ounce
