Gold prices hit an all-time high

Gold muscled past the $2,700 mark for the first time on Friday.

"Gold is having a strong run because of the breadth of uncertainties," Greg Bassuk, chief executive officer at AXS Investments in New York.

"It’s the safe-haven play, and investors would be prudent to diversify their portfolios' safe-haven allocations amid this deep level of uncertainty."

Gold prices busted through the $2,700 mark for the first time as the haven metal continues to benefit from global uncertainties.

Spot gold rose 1.01% to $2,719.75 an ounce.

Gold prices in Oman are:

18 Carat – RO25.450

Vijay Valecha, Chief Investment Officer, Century Financial on Gulf Markets and Gold updates said on Thursday, "Good surpassed last month’s peak by a few cents and is up 1% so far this week and 30% year-to-date. Rate-cut optimism and central bank purchases are driving the rally. Additionally, gold-backed ETFs are on track for a fifth monthly expansion in October, marking the longest stretch of inflows since 2020.

The U.S. Dollar Index has strengthened in recent days, propelled by resilient economic reports and improving odds of a Trump victory.

However, this hasn’t deterred gold from scaling to new heights as investors adjust their portfolios in anticipation of the upcoming US election, now less than three weeks away. Given the distinct economic risks associated with each candidate, gold could potentially remain supported regardless of the outcome.

Swiss gold exports fell in September to the lowest level since June owing to reduced shipments to India, customs data from the world's biggest bullion refining and transit hub showed on Thursday. Reuters has published figures from the Swiss customs agency.

This year's 30% gold price rally, which took spot prices to a record high of $2,696.59 per troy ounce on Thursday, has been affecting physical demand in price-sensitive Asian markets.

Some deliveries to China, the world's largest gold consumer, resumed in September after zero supplies in August, but exports to India, the world's second-largest gold consumer, and a major importer, slumped to the lowest level since January 2023.

The Gulf’s biggest markets are also witnessing a drop in gold exports: In the UAE, gold imports from Switzerland dropped 42 percent, while in Saudi Arabia they dropped 5 percent over the past year.