Gold hits record highs: Uae gold rates for October 18

Gold prices hit record highs on Thursday as the Middle East crisis and uncertainty hovering over the US presidential election in November prompted investors to seek out the safe-haven asset, and easing monetary policy environment kept prices high, reported Reuters.

The precious metal has seen a rise of more than 30% this year, surpassing record levels, driven by the ongoing geopolitical uncertainties and possibilities of further Federal Reserve rate cuts after a half percentage point rate cut last month.

Spot gold rose 0.7% to $2,690.60 per ounce by 1:42 pm ET. US gold futures settled 0.6% higher at $2,707.5, as per the report. Besides the Middle East, the US election also looks like a closely contested election. Gold often is the place to go in times of uncertainty.

UAE Gold Rates for October 18 (in dirhams)

1. 24 Carat – 328.25 (morning) – 325.75 (yesterday)

2. 22 Carat – 304.00 (morning) – 301.50 (yesterday)

3. 18 Carat – 252.25 (morning) – 250.25 (yesterday)

UAE Petrol/Diesel Rates for October 18 (in dirhams)

1. Super 98 – 2.66 (OCT) – 2.90 (SEPT)

2. Special 95 – 2.54 (OCT) – 2.78 (SEPT)

3. E Plus 91 – 2.47 (OCT) – 2.71 (SEPT)

4. Diesel – 2.60 (OCT) – 2.78 (SEPT)