Mon, May 20, 2024 | 12 Dhul-Qadah 1445
Mon, May 20, 2024 | 12 Dhul-Qadah 1445
Dubai, renowned for its lavish lifestyle and gold-filled markets, is a major player in the global gold trade. As we stand on the brink of 2024, the question on every gold enthusiast's mind is, Will gold rates in Dubai go up in 2024? Let's find out the factors and predictions for Dubai's gold market in the coming year.
One big player in this game is stubborn inflation, causing a stir globally. The Federal Reserve has been raising interest rates, but inflation's not backing down. WisdomTree Investments predicts a 3.1% inflation rate at the beginning of 2024, creating a craving for gold as a safety net during economic uncertainties.
Financial writer and analyst Liam Hunt sheds light on the past – in 1980, gold hit a whopping $800 per ounce due to sky-high inflation. While we can't predict the future with certainty, the possibility of gold becoming a hot commodity because of economic conditions is definitely on the table.
Beyond economic indicators, Geopolitics has a major say in the gold market. Recent regional tensions have led to a notable surge in gold prices as apprehensive investors turn to this precious metal for safety amid heightened global uncertainties.
Fast forward to 2024, and the U.S. presidential election is stirring the pot even more. Nitesh Shah, the head of commodities and macroeconomic research at WisdomTree, suggests that this election could spark a shopping spree for gold among retail investors. Why? They might be hedging their bets, fearing potential financial risks tied to a change in leadership.
As per forecast, gold prices (like 21k, 22k,18k, 24k, tola and ounce) are poised for a steady climb throughout 2024, anticipated to reach $2,090 per ounce by the third quarter.
This upward trajectory is backed by experts who widely agree that considering economic conditions and geopolitical tensions, gold prices are set to climb in the coming year. Collin Plume, the mastermind behind Noble Gold Investments, emphasizes gold as the go-to shield in any investment lineup, especially when economic storms hit.
Predicting the market is tricky, but all signs hint that gold prices might go up in 2024. For those eyeing gold investments, the word on the street is to make your move before prices shoot up. As the saying goes, in the world of gold, patience may be golden, but seizing the right moment can be even more rewarding.
So, as we approach the dawn of 2024, keep your gaze fixed on Dubai's gold market – it could be gearing up for a brilliant rise.
