DUBAI: GOLD PRICES AT A NEW ALL-TIME HIGH; 22K COULD SOON REACH DH400
The gold rally continued as prices hit a new all-time high at the opening of the markets in Dubai on Wednesday.
The Dubai Jewellery Group data showed 24K trading at Dh426.0 per gram, up from Dh424.25 per gram at the close of the markets on Tuesday. It hit a new record again today for the second consecutive day.
Among the other variants of the yellow metal, 22K opened higher at Dh394.5, 21K at Dh378.25 and 18K at Dh324.25 per gram.
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Spot gold was trading at $3,533.24 per ounce, up 0.15 per cent at 9.30 am UAE time, driven by expectations around interest rate cuts by the US Federal Reserve.
If the upward trend continues and there is no profit-taking, it is expected that 22K price will also soon cross Dh400 per gram as well.
Linh Tran, market analyst at XS.com, said gold is undergoing an impressive rally, supported by a combination of macroeconomic factors and capital flows.
“After setting new record highs, the precious metal has continued to attract investors thanks to expectations that the US Federal Reserve will soon shift toward monetary easing, declining real yields, and rising demand for safe-haven assets amid global economic uncertainties,” he said.
Gold continues to be supported by sustained central bank purchases as well.
“Many countries are increasing their gold reserves to diversify foreign exchange holdings and reduce reliance on the US dollar. At the same time, physical gold demand in Asia — particularly from China and India — remains a cornerstone for long-term support,” he said.
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