On the same day, the price of gold increased to 3,845.59 SAR per tola and 3,760.45 AED, showcasing its rising value across different currencies.

Despite rising metal prices, the U.S. dollar remained near its highest levels since early August, as traders anticipated a slower pace of interest rate cuts by the Federal Reserve.

The recent rate cut from Beijing, part of a series of stimulus measures, has led to mixed reactions among traders, further impacting the commodities market.

Gold prices surged to historic highs on October 21, 2024, driven by geopolitical tensions in the Middle East and uncertainties surrounding the upcoming U.S. presidential election.

This year, gold has experienced a remarkable price increase, rising over 37%, with analysts noting its strongest annual performance since 2007.

As gold approaches the psychological milestone of $3,000 per ounce, factors such as escalating geopolitical tensions and a tight electoral race in the U.S. are contributing to its upward momentum.

The rise in gold's value is attributed to strong demand for precious metals, central banks' monetary easing, and the evolving Chinese economy.

Anticipated interest rate cuts by the Federal Reserve and increased gold purchases by central banks, particularly China, are also influencing gold's price surge.

Economic uncertainties, including potential budgetary issues and election-related risks, are bolstering gold's strength as a safe-haven asset.

Despite high gold prices, jewelry consumption has declined, but mine production is expected to reach a record in 2024, with gold recycling projected to rise by 5%.

Silver prices have also surged, reaching a 12-year peak, reflecting increased investor interest in precious metals amid the current economic climate.

Investor sentiment is shifting away from more volatile assets like Bitcoin towards gold, which is traditionally viewed as a safe-haven asset during economic turbulence.