Dubai: Gold prices hit new all-time high, continue to set records
The price of 22K gold reached a new record high of Dh321.5 per gram in Dubai on Thursday morning.
The Dubai market opening on Thursday saw 24K prices increase by Dh1 per gram to Dh345.75 while 22K prices went up by Dh0.75 to reach Dh321.5 per gram.
The other gold variants demonstrated higher openings at Dh308.25 and Dh264.25 per gram for 21K and 18K respectively.The global price of gold remained unchanged at $2,868.73 per ounce during Thursday morning trading.
According to Samer Hasn, senior market analyst at xs.com, gold’s recent consecutive gains result from trade tensions between the US and China that intensify economic concerns about both nations.
A series of rising gold prices occurred together with decreasing Treasury yields and weak US stock market results that support the safe haven demand theory following an unexpected decrease in December’s job openings.
These elements contribute to the existing uncertainties in both the global economic environment and geopolitical conditions according to his statement. According to Hasn the current trade war stands out as the leading source of uncertainty that boosts the demand for safe havens.
Since Donald Trump took office the trade war started more mildly than anticipated but experts now predict it will intensify and increase concerns.
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