Gold prices in Dubai soared to new highs on Wednesday, with the price of 24K gold reaching Dh322 per gram, a rise of Dh2.75 from the previous day’s close. This new record follows Tuesday’s peak of Dh319.5 per gram. So far, the yellow metal has gained Dh22 per gram in the month of September.
Other gold variants also saw record prices, with 22K selling at Dh298.0 per gram, 21K at Dh288.5, and 18K at Dh247.25. Globally, spot gold was trading at $2,659 per gram.
According to a Khaleej Times report, the surge in gold prices has been attributed to the US Federal Reserve’s interest rate cuts and ongoing geopolitical tensions in the Middle East. Analysts predict that this upward trend will likely continue in the coming months, bolstered by increasing demand for safe-haven assets and central banks’ appetite for gold. However, some profit-taking could occur in the short term, as market conditions remain volatile.
