Gold prices jump nearly Dh2 per gram in early trade

Gold prices UAE

Gold Prices Surge Nearly Dh2 Per Gram at Market Opening

On Thursday, gold prices in the UAE saw a significant rise, with the precious metal's 24K variant opening at Dh283.5 per gram, up from Dh281.75 the previous night. This marks an increase of Dh1.75 per gram. Other variants such as 22K, 21K, and 18K also opened higher, at Dh262.5, Dh254.0, and Dh217.75 per gram, respectively.

Internationally, gold traded at $2,340.74 per ounce, showing a 0.48% increase and reaching a one-week high, driven by investor expectations of a US Federal Reserve rate cut.

Ole Hansen, head of commodities strategy at Saxo Bank, noted that China continues to play a pivotal role in driving the gold rally since 2022, fueled by strong demand from central banks, retail investors, and managed money traders. Despite recent pauses in buying due to high prices, Hansen emphasized a positive long-term outlook for gold, underpinned by geopolitical risks, inflation concerns, and ongoing central bank demand amid global economic uncertainties.