Dubai Gold Price Creates History As Key Level Is Broken
Gold prices are on fire – for a second consecutive day, with the Dubai Gold Rate for a gram of 22K up by Dh14 in just over a day. A gram costs Dh372.5 right now.
Nothing like this has ever been seen before, with the price of a gram of 24K clearing Dh400 for the first time. A level that market sources at the start of the year said would take at least until September/October to happen.
These days, gold is creating and resetting records by setting its own rules. The numbers tell the story – 'The price difference between the lowest Dubai gold price in the year to date and today's price is a near Dh150 a gram,' said Abdul Salam K.P., Vice-Chairman of Malabar Gold & Diamonds.
This year's lowest local rate was the Dh223.25 a gram for 22K on February 14.
In Saudi Arabia, the 22K and 24K gram prices are SR378 and SR409, respectively.
In the global commodities market, bullion continues on its merry way, at one point earlier today shooting past $3,350 an ounce mark. Right now, it's at $3,337 – but the key point here is that it's still a good $115 up from 24 hours ago.
'Yesterday, when the gold stores were opening, we were wondering whether gold would be closing the day at $3,280,' said a jeweller. 'Who would have thought we could well be looking at reaching $3,380 within the next few days. Even today!'
Global central banks and institutional investors keep buying gold amidst all the uncertainty in markets over US reciprocal tariffs – whether there will be a solution after the 90-day pass offered by President Trump to all nations except China.
These days, bullion traders in Dubai are not even bothering to give price forecasts or when it could stabilize. Because it could change within an hour.
It's been that kind of 48 hours…
The only thing shoppers can wait for is for profit booking to take place when gold hits a certain point. But when will that point be reached?
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