The value of gold in Dubai has witnessed a notable surge of Dh1 per gram. This increase in gold prices indicates a significant upward trend in the market. Gold, known for its enduring allure and status as a precious metal, continues to captivate investors and buyers alike. The rise in prices reflects the growing demand and appreciation for gold as a safe haven investment. Whether for investment purposes or as a cherished possession, this increase in value further solidifies the significance of gold in Dubai’s market landscape.
Gold Prices in Dubai
|Gold Prices in Dubai||Experienced a Dh1 per gram surge in value|
|Reason||Weakening of the US dollar|
|Dubai Jewellery Group Data||24K variant trading at Dh237.25 per gram at market opening|
|22K, 21K, and 18K opened higher at Dh219.75, Dh212.75, and Dh182.25 per gram, respectively|
|Global Rates||Uptick in gold prices due to the weakness of the US dollar|
|Spot Gold||Rose by 0.25% to $1,960.02 per ounce|
|Impact of Weaker US Dollar||Makes gold more affordable for holders of other currencies|
|Influence of US Federal Reserve’s Monetary Policy||Traders closely monitor the Fed’s stance on interest rates and monetary policy|
|Market Sentiment||More bulls than bears in the gold market according to recent price action|
Gold prices in the UAE saw a significant increase on Tuesday morning, surging by Dh1 per gram, driven by the weakness of the US dollar and the rise in global rates. The 24K variant of gold traded at Dh237.25 per gram at market opening, compared to the previous night’s closing rate of Dh236.25. Similarly, 22K, 21K, and 18K gold opened higher at Dh219.75, Dh212.75, and Dh182.25 per gram, respectively, at 9am UAE time. Spot gold also experienced a 0.25% rise, reaching $1,960.02 per ounce by 9.10am UAE time.
The weaker US dollar contributes to making gold more affordable for holders of other currencies. Traders closely monitor the US Federal Reserve’s monetary policy stance, as it impacts the price of gold. With inflation concerns and the easing pressure on the Fed, experts suggest that there is a positive market sentiment towards gold, indicating more bullish than bearish sentiment among investors.