Gold prices in Dubai, United Arab Emirates (UAE), jumped to a new all-time high on Friday afternoon, October 18, with 22-carat gold surpassing Dirham 300 (Rs 6,865.74) per gram for the second consecutive time.
The Dubai Jewellery Group data showed a 24-carat gold rate trading at Dirham 328.25 (Rs 7,512.26) per gram in the afternoon of the markets on Friday as compared to its Thursday night, October 17, closing at Dirham 325.75 (Rs 7,455.05) per gram.
22, 21, and 18-carat gold were priced at Dirham 304.00 (Rs 6,957.28) per gram, Dirham 294.25 (Rs 6,734.14), Dirham 252.25 (Rs 5,772.94) respectively, at 1:30 pm UAE time.
On Friday, gold broke the Dollar 2,700-per-ounce barrier for the first time ever, with spot gold rising 0.5 percent to Dollar 2,706.76 per ounce at 6:20 am UAE time.
Investors turned to gold which is often viewed as a safe store of value during times of political and economic instability.
Gold has risen over 31 percent this year, driven by anticipation of more easing by major central banks and geopolitical tensions, reported by Reuters.
