Dubai: Gold prices jump to new all-time high; 22K crosses Dh340 per gram
Gold soared to a new record in Dubai markets on Thursday as it rose to more than $3,050 an ounce, breaking new ground.
The price of yellow metal, 24K variant, opened at Dh367 at 9am. 5 per gram, up Dh2. 25 from Dh365. $25 per gram at the close of the markets this Wednesday. Similarly, 22K rose to Dh340. 25, 21K to Dh326. 25, and 18K to Dh279. 75 per gram.
Spot gold was trading at $3,051.96 per ounce, up 0.61 per cent globally after the US Federal Reserve left the interest rates unchanged.
Tariff jitters, meanwhile, and Mid-East tension serve as additional catalysts to the yellow metal rally.
We welcome suggestions about any critiques we have missed. George Pavel, general manager Naga. Gold prices traded at new records after breaking the $3,000 level, as fears of escalating tensions in the Middle East prompted a flight to safer investments.
The conclusion of the truce ushered in a renewal of hostilities and may push investors into safe-haven assets while they shy away from the risk of volatility in other asset classes. These conditions could in fact set the record for gold.
However the longer, the more good news in Eastern Europe could tamped down gold gains although uncertainty over there, might also flow into the old metal" Pavel said that traders would be able to "monitor the situation in the region and how the new developments affect" sentiment.
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