In a notable financial development, gold prices in Dubai soared past the AED300 per gram mark once again on Friday, driven by a surge in global market prices and geopolitical uncertainties. This ascent comes as global gold prices hit a milestone of $2,500 per ounce, fueled by expectations of upcoming interest rate cuts by the US Federal Reserve and ongoing tensions in the Middle East.
The premium 24K gold closed at AED302.0 per gram, while the rates for 22K and 21K stood uniformly at AED270.75, and 18K gold was traded at AED232.0 per gram. This rise in gold prices marks a significant trend in the local market, where the precious metal had previously reached AED300.5 per gram on July 17, 2024.
Global market analysis points to a robust 2.06% increase in spot gold, now valued at $2,508.18 per ounce. Alex Kuptsikevich, a senior market analyst at FxPro, highlighted in a Khaleej Times report the consistent growth in gold prices, noting its successful maintenance above the $2,470 mark in recent weeks. According to Kuptsikevich, the strength of gold prices reflects a broader recovery in demand for risk assets while benefiting from fundamental market supports that have propelled it to new highs repeatedly since March.
Furthermore, Kuptsikevich identified a bullish trend in the market, suggesting a potential breakout that could elevate gold prices to between $2,800 and $2,900 in the near future. This optimistic forecast is supported by a combination of technical patterns and strong market fundamentals, positioning gold as a resilient asset in the current economic landscape.