Sat, Jul 27, 2024 | 20 Muharram 1446
Sat, Jul 27, 2024 | 20 Muharram 1446
The price of gold jumped to levels never before seen in the UAE. The price rose by Dh5 per gram at the start of Thursday's trading session.
Data from the Dubai Jewellery Group shows that the price of 24K gold shot up to Dh266.75 per gram, a big jump from Dh261.75 per gram at the end of the previous day. This rise indicates a notable surge in investor interest and overall market optimism towards gold.
The momentum extended across various gold variants: 22K gold kicked off at Dh247 per gram, 21K at Dh239 and 18K at Dh205. These across-the-board increases show that people are feeling positive about gold.
Around the world, spot gold was hitting $2,202.71 per ounce at 9:30 am UAE time. Before that, it reached its highest point ever at $2,222.39 per ounce. This big increase in gold prices came at the same time as the US dollar went down. That happened because the Federal Reserve decided to keep its plan of three rate cuts for the year.
This sudden jump in gold prices shows that more people want to invest in safe things because they're worried about the economy. This is why gold, a traditional safe investment, is now in high demand.
After the Federal Reserve's announcement, the Central Bank of the UAE (CBUAE) decided to keep things steady, maintaining interest rates at their current levels.
The increase in gold prices indicates investor concerns about the economy and inflation. This prompts them to seek traditional safe assets such as gold. Amidst uncertainty in global financial markets, gold's appeal as a store of value remains robust, driving its prices to record levels.
